New law to regulate realty in Abu Dhabi |
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A new draft law framed by the Abu Dhabi Department of Municipal Affairs will soon regulate the real estate market in the emirate, a top official of the department's property section told Emirates Business.
Dr Abdullah Ghareeb, Executive Director for Property Management at the department, said the law will be referred to the Abu Dhabi Executive Council by the end of the year.
It lays down regulations and guidelines for developers, contractors and brokers, as well as for off-plan sales, licensing of high-rise residential buildings and property registration.
There will also be provisions that seek to end harmful speculation in the real estate market in Abu Dhabi, Ghareeb said, adding that it will suggest the setting up of a central authority responsible for all registration, construction, licensing, sales and purchases.
The draft law is based on the experiences in the real estate sector of other emirates and countries and has been eight months in the making, he said.
The drafting process also included consultations with representatives of bodies concerned with real estate development from both government and private sectors.
Asked by Emirates Business about Abu Dhabi's need for specialised courts to hear cases in the real estate sector, Ghareeb said: "We have reservations about this idea. Besides, the emirate has recently set up economic courts that might look into real estate problems and disputes."
By Abdel Hai Mohamad
© Emirates Business 24/7 2008
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