Aldar becomes Abu Dhabi’s first licensed master developer
Department of Municipal Affairs urges other developers to follow suit
Aldar Properties has received a master developer license from the Abu Dhabi Department of Municipal Affairs, under the provisions of the new Real Estate Law, which came into effect on January 1.
The Abu Dhabi real estate developer becomes the first licensed master developer under the new law, which will provide enhanced protections for customers of off-plan developments and enshrine the rights of owners and residents in existing communities.
“We are very excited about the introduction of real estate law in Abu Dhabi. We believe it will bring a high degree of predictability and transparency to the market and thereby increase the attractiveness of the market to existing and a new generation of customers,” said Talal Al Dhiyebi, chief development officer at Aldar.
“We are proud to be the first developer licensed by the Department of Municipal Affairs under the new regulations, as it reflects our commitment to the new law and the real estate market in Abu Dhabi as a whole.
Meanwhile, the Department of Municipal Affairs encouraged other developers to follow Aldar’s lead and comply with the necessary measures needed for the real estate law. It pointed out that doing so would ensure the quality and timely implementation of development projects.
The Real Estate Law is intended to boost growth and reduce the risk of potential cyclical economic factors on the market, industry experts have said.
Hassan El Tahir and David Bowman of Al Tamimi & Company, explained in a blogpost that the law would be a positive step towards attracting increased real estate investment in Abu Dhabi, and across the UAE.
“It tackles many of the concerns raised by investors and developers in the past, while also drawing on the real estate investment experience in the UAE, and especially in Dubai, over the last ten years,” they said.
