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| Abu Dhabi plans to streamline real estate transactions |
The emirate of Abu Dhabi like the neighboring Dubai is planning to implement a new law to streamline real estate transactions. Framed by the Abu Dhabi Department of Municipal Affairs, the law will be referred to the Abu Dhabi Executive Council by 2008 end. The law is being drafted to clean up the property market by ending speculation.
The new real estate law would introduce provisions and guidelines for developers, contractors and brokers and would regulate off-plan sales, licensing of high-rise buildings and property registration.
Flush with high oil revenues, the emirate of Abu Dhabi has recently embarked on a massive development program that would modernize its infrastructure and civic amenities. This has resulted in a real estate boom similar to Dubai's fuelling demand for both commercial and residential space.
