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The recent implementation of the Regulation of Real Estate Sector in Abu Dhabi on financing and mortgage enforcement will be one of the core topics at Abu Dhabi Market Overview, taking place on the first day of Cityscape Abu Dhabi, which runs from April 12-14 at the Abu Dhabi National Exhibition Centre.
According to the organiser, the forum will also put a spotlight on Abu Dhabi’s most recent economic drivers, its residential market capacity, and the impact the potential oil freeze output deal may have on the real estate sector.
Chris Taylor, CEO of Abu Dhabi Finance, says the recent legal and economic developments in Abu Dhabi will bring best practice into the capital’s real estate, with numerous factors contributing to buyers’ security and subsequently enhancing growth. “Increased clarity and transparency alongside centralisation of property and mortgage registration, the management of escrow accounts, and the creation of a mortgage law effectively reduces the risks involved in real estate transactions for all parties.
“Expat residents will be more likely to invest longterm in the market and nonresident customers will take great comfort from these new laws. The property law will lessen the impact of potential cyclical economic factors such as oil price movements on real estate prices, creating a less volatile environment that should encourage continuous investment and growth of the sector.”
David Dudley, International Director and Head of Abu Dhabi Office at JLL Middle East and North Africa, believes property law will open new opportunities and strengthen financial security for investors.
“New regulations affecting escrow accounts, land and property registration, strata law, the licencing of real estate activity and new fees will help support a better regulated market as they will improve transparency and help protect consumers as well as investors,” said Dudley. “The new laws place greater responsibility and regulation on developers, which will inevitably suppress supply growth. This will help reduce the risk of oversupply in the current period of weaker demand; however the key will be to allow sufficient supply to come through to maintain a healthy balance between supply and demand to keep rents and prices at a competitive level.”
Other speakers at the forum include Cyrill Lincoln, Head of Real Estate at ADCB, and Fergal Harris, Global Head, Real Estate and Family Conglomerate, at NBAD.
Source: Property Weekly