Off-Plan Agreement Terminations and SMART Valuation services streamline processes for property owners and developers
ADGM, the international financial center of Abu Dhabi, has announced a new suite of real estate services through its Registration Authority (RA), building upon the offerings introduced earlier this year. This expansion highlights ADGM’s ongoing dedication to cultivating a transparent, secure, and investor-friendly real estate environment, further solidifying Abu Dhabi and ADGM’s status as a forward-looking, globally connected financial hub.
Transitioning to smart services
In light of the successful completion of Al Reem Island’s transition under ADGM’s jurisdiction in 2024, the RA has rolled out a comprehensive package of digital services specifically designed to bolster growth and innovation within the Real Estate sector. These offerings are crafted to enhance convenience, accessibility, and immediate service delivery for property owners, developers, and investors.
These services include:
- Off-plan Agreement Terminations
- Reservation Agreement Registration (new ownership type)
- SMART Valuation
- Enhancement of Leasing Services and Broker Permitting
Collectively, these new services transition ADGM’s real estate offerings from digital to smart services, elevating operational clarity, legal certainty, and market efficiency.
The Real Estate and Infrastructure Division in ADGM has initiated regulated procedures for Off-Plan Agreement Terminations, establishing a clear mechanism for termination. This new process aims to minimize disputes and ensure fair and transparent resolutions for both developers and buyers.
Another significant service is the introduction of Registration of Reservation Agreements, a new ownership category that formalizes property interests scheduled for transfer on a future date. This ensures property records are consistently updated in line with regulatory requirements and helps protect contractual commitments and ownership rights for all parties involved.
The launch of SMART Valuations enables property owners or their authorized representatives to request an evaluation certificate that provides indicative valuations for land or units, streamlining transactional processes and facilitating more informed decision-making.
Integrated escrow account launch
Looking ahead, further enhancements in secure and streamlined real estate transactions are on the horizon. Soon, ADGM’s unified services platform for real estate is set to unveil an integrated escrow account, providing a crucial layer of security for all parties. This service will empower users by ensuring that funds are available and only released upon the successful fulfillment of the terms, fostering trust between buyers and sellers within ADGM’s ecosystem.
These initiatives reinforce ADGM’s commitment to constructing an integrated and robust real estate ecosystem and underline the RA’s strategic role in promoting regulatory excellence and a business-friendly environment following ADGM’s expansion to Al Reem Island, now recognized as one of the world’s largest financial districts, spanning 14.38 million square meters.
Commenting on these developments, H.E. Rashed Al Blooshi, CEO of the Registration Authority of ADGM, stated, “The efforts of the Registration Authority put ADGM at the forefront of innovative real estate and property-related initiatives. These enhancements are further a testament to the pivotal steps we are taking in reinforcing ADGM’s real estate framework with greater transparency, efficiency, and investor protection. By continually expanding our regulated services and strengthening the legal and digital infrastructure, we are fostering an environment where developers, property owners, and investors can transact with confidence, aligned with Abu Dhabi’s vision for a dynamic and sustainable real estate economy.”
By broadening its suite of services, ADGM continues to provide a comprehensive Real Estate platform that ensures easy access to real estate services and boosts investor confidence in Abu Dhabi’s property market. These efforts contribute to ADGM’s mission of supporting Abu Dhabi’s economic transformation through a progressive, inclusive, and digitally enabled business environment.
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