ADGM Enhances Real Property Regulations And Launches AccessRP Digital Platform For Investors

Abu Dhabi Global Market (ADGM) has unveiled updates to its Real Property Regulations. It has also introduced new regulations for off-plan developments and launched a digital platform called AccessRP. These initiatives follow ADGM's strategic expansion to Al Reem Island. The aim is to foster growth and innovation in the real estate sector, enhancing ADGM's reputation as a business-friendly environment for investors.

The revamped regulatory framework aligns with English Common Law and regional best practices. It ensures transparency, flexibility, and compliance while protecting stakeholder interests. Key features include legislation for short-term residential leases, off-plan development, sales, escrow arrangements, and a registration framework for real property professionals like brokers and valuers.

AccessRP offers a comprehensive suite of real estate services. These include transaction services such as buying, selling, leasing, and mortgage services. It also provides developer services like off-plan development project registration and management. For property owners, it facilitates certificate issuance and Power of Attorney registrations.

The digital platform aims to drive digital transformation within ADGM's jurisdiction. It offers unified real estate services that enhance customer experience by simplifying procedures for developers and property owners. This integration supports ADGM's goal of becoming a reliable destination for global investors.

Hamad Sayah Al Mazrouei, CEO of the Registration Authority at ADGM, stated that these enhancements will attract both local and foreign investments. "The new enhancements to the real estate regulatory legislation and the digital platform will help to attract local and foreign investments to ADGM as the preferred destination to live, work and invest," he said.

The updated framework serves as the foundation for AccessRP's comprehensive service offerings. These include buy-and-sell transactions, off-plan sales, leasing options, mortgage services, project registration for developers, and account management. This approach aims to streamline processes within ADGM's ecosystem.

The introduction of these regulations is expected to bolster ADGM's position in the global market by ensuring a seamless transition for companies using its real estate services. The focus on innovation is intended to pave the way for growth in the sector.

This strategic move by ADGM highlights its commitment to fostering an attractive investment climate through regulatory improvements and technological advancements in real estate services.

With inputs from WAM