New Abu Dhabi property laws to widen investment opportunities for expatriatesBack
Abu Dhabi, UAE - Industry experts have declared the new property law will benefit Abu Dhabi's real estate growth and have called for a measured response over the impact of the potential oil output freeze.
The effect of the recently implemented Regulation of Real Estate Sector in Abu Dhabi (the Property Law) on financing and mortgage enforcement will be one of the core topics discussed at the upcoming Abu Dhabi Market Overview, taking place on the first day of Cityscape Abu Dhabi, which runs from 12-14 April at the Abu Dhabi National Exhibition Centre (ADNEC).
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, is confident that recent legal and economic developments in the capital will bring best practice into the capital's real estate, with numerous factors contributing to buyers' security and subsequently enhancing growth.
He said: "Increased clarity and transparency alongside centralization 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 long-term in the market and non-resident 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 which should encourage continuous investment and growth of the sector."
Speaking ahead of his participation in the Abu Dhabi Market Overview, David Dudley, International Director and Head of Abu Dhabi Office at JLL MENA, also believes the current status of real estate market in the context of the Property Law will bring many opportunities alongside higher financial security for investors.