Latest news with #OwnersCommittees
Khaleej Times
a day ago
- Business
- Khaleej Times
New rules in Abu Dhabi allow developers to terminate off-plan contracts with buyers
Authorities in Abu Dhabi announced major updates to the emirate's real estate regulations aimed at strengthening the emirate's position as a global investment destination. The most significant change announced was the right for developers to terminate the off-plan sale and purchase agreements if the buyer fails to meet their contractual obligations, provided specific rules and procedures are followed. This removes the need for court or arbitration proceedings, offering a faster, more efficient way to resolve disputes and reduce investment risk, the Department of Municipalities and Transport (DMT) said. The update is part of Abu Dhabi's ongoing efforts to strengthen its position as a global real estate investment hub by fostering a flexible and sustainable legislative environment that supports real estate developers, safeguards investors' rights, and keeps pace with future growth requirements. Some of the key updates in the regulations include: Unified legal framework: This covers all real estate-related activities, from sale and registration to evaluation and property management, bringing currently unregulated professions under oversight and improving transparency and sector quality. Owners' committees replace owners' associations: The update covers the formation of Owners' Committees instead of Owners' Associations. The formation and functioning of these committees will be governed by decisions issued by the Chairman of the Department of Municipalities and Transport (DMT), with their role limited to advisory and oversight duties. Improved regulatory oversight: Specialised management companies will be responsible for the operational management of jointly owned properties, ensuring flexible regulation and the sustainability of shared facilities and common areas. Improved regulatory oversight, empowering the Abu Dhabi Real Estate Centre (ADREC) to ensure balanced, transparent relationships between developers, investors, and property owners. The update also stated that the schedule of violations and administrative fines will be defined by a resolution issued by the Chairman of the DMT, following approval by the Abu Dhabi Executive Council. These reforms aim to create a more investor-friendly, accountable, and efficient real estate market aligned with Abu Dhabi's long-term growth strategy.
Arabian Business
13-06-2025
- Business
- Arabian Business
Abu Dhabi announces major new real estate laws
Abu Dhabi has announced major updates to real estate legislation, as part of the emirate's long-term strategy to enhance its position as a leading global hub for property investment. The changes by the Department of Municipalities and Transport (DMT) aim to create a more transparent, flexible, and sustainable legislative environment, supporting developers while safeguarding investor rights. The updated framework will empower the Abu Dhabi Real Estate Centre (ADREC) to more effectively regulate the sector, improve governance standards, and maintain a balanced relationship between stakeholders. The new laws are designed to ensure the long-term sustainability of jointly owned properties, regulate all real estate-related professions, and bring clarity to contracts and operational procedures — aligning Abu Dhabi's regulatory model with global best practices. Abu Dhabi real estate laws Key highlights of the real estate update, include: Unified definition of real estate activities to cover sale, purchase, registration, evaluation, management, and operations — ensuring all sector-related professions are regulated Developers can terminate off-plan sale contracts without court proceedings if buyers default, subject to ADREC approval, allowing for faster and more flexible dispute resolution Owners' Committees will replace Owners' Associations, with advisory and oversight duties only; professional management firms will oversee day-to-day operations of jointly owned properties New framework for common areas and shared facilities to ensure long-term asset sustainability in real estate projects. Violations and administrative fines will be governed by a schedule approved by the Abu Dhabi Executive Council, reinforcing market accountability These changes are expected to enhance investor confidence, reduce legal disputes, and improve the efficiency and appeal of Abu Dhabi's real estate market. By clarifying developer rights and introducing stricter professional standards, the emirate is actively future-proofing its regulatory ecosystem.
