UAE capital looks to strengthen property sector with clear cut laws

21-Apr-2009

The bylaws to be presented before the Abu Dhabi Govt later this month

In a bid to effectively guide the UAE capital's property market in line with the real estate law issued five years ago, Abu Dhabi's Department of Municipal Affairs (DMA) has come up with some effective bylaws, a top official said. The bylaws will then be presented before the government later this month, said Dr Abdullah Gareeb, executive director for DMA's property management arm.

The laws will eventually help create separate land departments, property regulatory bodies and rent indexes in Abu Dhabi, Al Ain and the Western Region municipalities. Currently each municipality functions as infrastructure development body, land registration entity and as a regulator itself. The functions are yet to be defined and split.

Usually, the government formalizes the laws by a decree. Although there is no time-frame for the decree, Dr Gareeb said, he expects them soon. He said, following the formal issuance of the law, all property developers, brokers and sub-developers will be asked to register their companies and projects.