ADGM issues new rules for off-plan property sales on Al Maryah Island
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ADGM issues new rules for off-plan property sales on Al Maryah Island

ADGM issues new rules for off-plan property sales on Al Maryah Island

Abu Dhabi Global Market has also amended the existing real property related fees by enacting the Real Property Regulations (Fees) Rules 2022

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ADGM new property legidlatiosn for off plan

Abu Dhabi Global Market (ADGM) has issued new off-plan sales register regulations covering off-plan sales of real estate development projects.

These new regulations aim to enhance the confidence of investors and ADGM customers in real estate development projects on Al Maryah Island by creating a register for reservation agreements between the master developer of Al Maryah Island with any sub-developers or purchasers.

This applies to reservation agreements between sub-developers and purchasers.

ADGM has also amended the existing Real Property Regulations 2015 to enhance the obligation to register interests, such as leases, by clarifying the timeframe for registration and adding an obligation to register renewals, along with penalties for contraventions.

Additionally, ADGM’s board of directors has amended the existing real property related fees by enacting the Real Property Regulations (Fees) Rules 2022.

Dhaher bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority, said: “The new off-plan sales register constitutes the first step in regulating off-plan sales of real estate development projects on Al Maryah Island. Our community has placed their trust in us to provide a robust legal framework – and that is exactly what we are doing today and will continue to do moving forward.

“We look forward to implementing the full legislative framework, which will provide the ADGM with greater oversight and control of many aspects of the real estate development process on the Island.”

In other developments, the Financial Services Regulatory Authority of ADGM has published a consultation paper proposing significant amendments to its capital markets framework, including in virtual assets, spot commodities, securities, derivatives, benchmarks and emissions allowances.

The proposed amendments would enable greater participation within the primary and secondary markets, and ensure ADGM market participants continue to operate in accordance and under the protection of the highest regulatory standards.

Read: UAE’s ADGM, FSRA look to amend capital markets framework

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