ADGM publishes amendments to its legislative framework

ADGM publishes amendments to its legislative framework

Abu Dhabi, UAE: Abu Dhabi Global Market (‘ADGM’), the international financial centre in Abu Dhabi has issued new off-plan sales register regulations to regulate off-plan sales of real estate development projects, along with its fees’ rules.

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 also applies to reservation agreements between by sub-developers with purchasers.

The 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. It is also important to note that the ADGM Board of Directors has amended the existing real property related fees by enacting the Real Property Regulations (Fees) Rules 2022.

Commenting on the new Regulations and Rules, 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