ABU DHABI SET TO TIGHTEN RULES

Emirate is bringing in major changes to how brokers operate in booming property market

- BY MANOJ NAIR

Real estate brokers and brokerage firms in Abu Dhabi can expect a further tightening up of rules on how they offer services to clients.

This update to how brokerage services are conducted will form part of a new set of rules Abu Dhabi will bring in across its property market. It will also extend to the creation of homeowner committees at freehold projects.

The updated rules on real estate brokers will be particularly significant given the advances Abu Dhabi has made as a property investment market, especially among a growing base of overseas investors.

Abu Dhabi has been making consistent efforts to raise regulatory standards in a bid to drive trust and transparency, promoting other avenues for investment into the UAE."

New projects are getting bigger, as is clear from the multibillion dollar Fahid Island development from Aldar. The initial launches of homes there attracted more overseas buyers, many being first-time investors in Abu Dhabi.

It has also meant that brokers see it as a lucrative market to operate in, and more of them are launching full-fledged services there.

The new Abu Dhabi rules will bring about further 'transparency' in all aspects related to how real estate deals are put together.

It is also no coincidence that other emirates with buoyant freehold property markets of their own are also moving to tighten the rules when it comes to how brokers operate.