The Abu Dhabi Global Market (ADGM) has updated its real estate regulations for Al Reem Island, following its acquisition of the area in April 2024. The new rules cover a range of areas, including short-term rentals and off-plan developments, and are part of ADGM’s continued expansion of its operations.
The new rules cover various areas, including short-term rentals and offplan developments. ADGM has also introduced a unified digital platform, AccessRP, to streamline processes and support the growth of Al Reem Island, which is known for its residential and office spaces.
Recently, ADGM welcomed businesses operating on Al Reem Island to join its licensing framework.
A statement from ADGM explained, “This new framework is designed to ensure transparency and flexibility, while also strengthening compliance and protecting all stakeholders’ interests.”
The updated rules will include:
- Regulatory legislation for short-term residential leases
- Enhanced rules for off-plan development, sales, and escrow arrangements
- A new registration system for property professionals, such as brokers, valuers, and property managers
- A transitional provision for Al Reem Island
Hamad Sayah Al Mazrouei, CEO of ADGM’s Registration Authority, stated, “The enhancements to real estate regulations will help attract both local and foreign investments to ADGM, positioning it as the preferred destination for living, working, and investing. The unified digital platform will improve the customer experience and ensure a seamless transition for companies and individuals within ADGM’s real estate ecosystem.”
The updated regulatory framework also supports AccessRP, a platform offering a range of real estate services, including:
- Real estate transaction services: buying and selling, off-plan sales, leasing, and mortgages
- Developer services: off-plan development, project registration, and account management
- Owner services: certificate issuance and power-of-attorney registrations
