Detailed measures to regulate the capital's real estate market will be announced at the end of the month and enforced immediately, an official at the Municipal Affairs Department said.
"We have received official approval to regulate the real estate market in Abu Dhabi and will announce regulatory measures very soon, no later than the end of April," Dr Abdullah Hassan Ghareeb Al Baloushi, Executive Director for Land and Property Affairs told Emirates Business.
The department submitted a draft law for the regulation of the realty sector to the emirate's Executive Council late last year. The provisions cover mortgages, credit and registration and off-plan sales and real estate brokerage agencies.
Al Baloushi, speaking on the sidelines of the Global City 2009 conference that started in Abu Dhabi yesterday, said the new law would be similar to the one introduced by Dubai. But he said there was no official support for suggestions that a regulatory body similar to Dubai's Rera should be set up in the capital.
"The law will be enforced by the department in co-operation with government bodies, the Abu Dhabi Urban Planning Council and the CCI."
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