A second batch of 14 real estate conciliators will be supporting real estate in Abu Dhabi, according to the UAE’s official news agency WAM.
Deputy Prime Minister of the UAE, Minister of Presidential Affairs, and Chairperson of the Abu Dhabi Judicial Department (ADJD), Sheikh Mansour bin Zayed Al Nahyan approved the real estate conciliators late last week, WAM reported.
The conciliators will be working on settling real estate disputes at Mediation Centres located in Abu Dhabi, Al Ain, and Al Dhafra municipalities. The move is aimed at improving Abu Dhabi’s competitiveness, and attracting investments for real estate in Abu Dhabi.
A more effective redressal of real estate disputes will help to save time and effort, promote the flow of capital, and reduce caseloads, Counsellor Yousef Saeed Al Ebri, ADJD Under-Secretary and Abdullah Al Sahi, Under-Secretary of the Department of Municipalities and Transport said at the oath ceremony.
The new conciliators have undergone a basic training programme by the Abu Dhabi Judicial Academy. The programme provides conciliators with the required knowledge and skills for negotiation, mediation, conciliation, and neutral evaluation of disputes.
Abu Dhabi’s Real Estate Disputes Resolution Centres have been successful in establishing stability in real estate in Abu Dhabi, Al Ebri noted.
REAL ESTATE IN ABU DHABI
In Q1 this year, real estate in Abu Dhabi recorded USD 3.13 billion in gains across 3,847 land, building, and unit deals. 66% of sales transactions, worth USD 90 million across 777 transactions, came from land deals. Real estate units comprised 34% of sales, or USD 46 million from 978 transactions.
Mortgages of USD 1.77 billion across 2,092 transactions were also recorded in Q1.
Abu Dhabi real estate companies Sky Abu Dhabi Developments, IHC, and Aldar have also been looking at making regional real estate investments.
While Aldar has offered to purchase a majority stake in Egypt’s SODIC, IHC’s multi-billion dollar investment plans include a second-tier Abu Dhabi property developer. Meanwhile, Sky Abu Dhabi Developments is looking to invest nearly USD 1 billion in Egyptian real estate.
Further, residential rents and sales in real estate in Abu Dhabi remained “normal” last year.
Abu Dhabi was also named the most liveable city in the Middle East for the second year in a row, according to The Economist Intelligence Unit’s Global Liveability Index 2021. The emirate was also spotlighted for its handling of the COVID-19 pandemic.