Abu Dhabi Global Market (ADGM) has announced changes to its Real Property Regulations, introduced new regulations for off-plan projects (Off-Plan Development Regulations 2024) and launched a unified digital platform AccessRP. These innovative decisions are aimed to support the smooth transition of Al Reem Island's real estate sector under the ADGM jurisdiction.
Al Reem Island is now part of the ADGM's expanded business district. ADDED's license will be valid on the island until December 31, 2024. But those who upgrade to the ADGM license before October 31, 2024 will be exempt from paying any commercial license fees.
Real Property Regulations 2024 will not apply to Al Reem Island until January 1, 2025. But all registered owners and persons with an interest in real property on the island must re-register their titles, leases and other rights related to to real estate before January 1, 2025.
In addition, Real Property Regulations 2024 and Off-Plan Development Regulations 2024 list the following regulations:
- on short-term rentals - there is no requirement to re-negotiate contracts to conclu...