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DED and ADCED Highlights Abu Dhabi’s Commitment to Regulate Realty Sector

Monday, April 18, 2011
Abu Dhabi Department of Economic Development (DED) and Abu Dhabi Council for Economic Development (ADCED) stressed on the important need to regulate Abu Dhabi’s real estate market through endevours by related government entities to prepare laws and regulations relating to some vital  issues such as financing, sale on the map, real estate brokerage, and land registration procedures. Participating at Abu Dhabi’s Cityscape 2011, which is being staged at Abu Dhabi National Exhibition Centre on 17-20 April, both DED and ADCED highlighted that the current priority for the realty market is to introduce more organizational reforms whilst issuing regulations necessary for this sector Emirate-wide, thereby achieving stability and attracting more investments and capitals to pour into the real estate. Both parties also pinpointed the need for the real estate sector to have more updated data and statistics, allowing related government entities, private sector companies, investors and businessmen an easy access to Abu Dhabi real estate market and its current and future needs and trends. DED and ADCED lauded the role played by Statistics Centre- Abu Dhabi to embark on various surveys and onsite studies related to construction and real estate market in Abu Dhabi with an aim to provide figures on property units and their classifications. This is a very important tool to put forwards plans to optimize realty sector based on a well-defined and factual approach. HE Mohammed Omar Abduallah, the Undersecretary, DED, stated that Cityscape Abu Dhabi coincides this year with some remarkable milestones the Emirate could complete in the real estate sector as scheduled, such as Saadiyat Island, Al Reem, Yas Island, Al Suwah, along with other projects that are going on afoot Abu Dhabi-wide. “This year’s Cityscape bears witness to how the realty sector in the UAE in general and Abu Dhabi particular is progressing well, unaffected by the global financial crisis and its sequences on both financial and real estate markets that have drastic results even in most developed countries. This is clear in the ongoing infrastructure projects being undertaken all over Abu Dhabi, underpinning a great want to provide incentives and facilities to real estate developers to enter this promising market”, he said. “Cityscape Abu Dhabi this year provides an excellent opportunity to see firsthand the leading real estate investments and projects of Abu Dhabi’s Government, especially the Capital District”, HE concluded. HE Fahad Saeed Al Raqbani, the Director General of the Abu Dhabi Council for Economic Development (ADCED), said that Abu Dhabi’ real estate market is experiencing a state of stability recently, with prices coming back to normal following the global financial crisis. “While unveiling its 2030 Economic Vison to the world, Abu Dhabi has strived to have a stable, secure and attractive realty market. For this end, the Emirate endevours to balance supply and demand whist working to overcome some challenging factors such as financing through issuing regulations and guidelines that help control the market”, HE said. “ADCED is currently embarking on a study on Abu Dhabi’s real estate sector, following which recommendations and results will be announced. This study is one of the key initiatives by ADCED, highlighting its interest in one of the economic driving sectors”, HE said. “Abu Dhabi Government’s interference to stabilize real estate sector by oozing AED 50 billion in cash and then AED 70 billion through the Central Bank and the Ministry of Finance have positive effects by tightening loaning and deposit granting, coupled with the reentry of property financing at up to 90% of the value.”, HE added. Al Ragbani called on real estate developers to make benefits from the available investment opportunities in Abu Dhabi, given the drive by the Government to achieve 2030 Economic Vision and the housing plan already approved, which provides great incentives to the private sector to engage on housing projects for mid income. .
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