Month: March 2023

Abu Dhabi: Imad Al-Din Khalil

Abu Dhabi, UAE: The Abu Dhabi City Municipality, part of the Department of Municipalities and Transport, has unveiled seven new freehold investment zones for non-citizens since the beginning of 2023. This brings the total number of freehold investment zones in the Emirate to approximately 30. These zones offer a diverse range of projects and units, varying in designs and prices to suit different investor preferences.

Shafiqa Al Blooshi, Director of the Developers and Licensing Department at Abu Dhabi City Municipality, stated that these new investment zones allow foreigners to own property, offering competitive investment opportunities with high market flexibility. The zones benefit from strategic locations, robust infrastructure, and a safe and stable environment, which encourages individuals to work, live, and invest.

The new zones are located in areas including Yas Island, Saadiyat Island, Al Reem Island, Al Shamkha, Shakhbout City, Al Reef 2, and Al Jurf, among other designated areas.

Al Blooshi emphasized that Abu Dhabi remains an ideal investment destination for individuals and investors. The municipality is committed to investing in resources and innovating solutions to provide a sustainable, advanced, and integrated infrastructure that meets community needs, enhances quality of life, and supports economic growth. This includes adhering to standards, procedures, and laws that continue a series of wise decisions from the leadership, which drive economic development and boost the real estate sector.

She highlighted that Abu Dhabi’s real estate market has continued to achieve positive results and high growth rates recently, due to the implementation of various government policies and procedures that have increased transparency and investor confidence. This has solidified Abu Dhabi’s status as one of the most attractive global real estate investment destinations.

Al Blooshi encouraged potential investors to take advantage of smart applications introduced by the Department of Municipalities and Transport, such as the “Dari” app. This platform provides comprehensive information about real estate projects, including project details, escrow accounts, and helps manage the real estate market while addressing issues of fraudulent sales.

The “Dari” digital platform aims to consolidate real estate services in Abu Dhabi into a single unified platform, offering users a seamless and flexible experience for managing their real estate transactions. It enhances investment attractiveness and transparency by providing detailed information about projects, including names, completion percentages, and updated images, ensuring transparency and protecting investor rights. The platform also facilitates interactions between the municipality and various real estate professionals, including brokerage firms, primary and secondary developers, surveyors, and appraisers.

The real estate market in the UAE is growing at a steady pace, and the future looks promising. In the third quarter of 2022, Abu Dhabi’s real estate market recorded a total of 4,441 transactions amounting to over AED 21.04 billion, according to the latest report published by the Department of Municipalities and Transport (DMT) in Abu Dhabi. Furthermore, the value of real estate sales in Dubai Emirate reached AED 70 billion, according to Dubai Land Department.

The future of the UAE’s real estate market looks promising, with several positive indicators suggesting that the market is entering a new phase of growth and recovery. According to a report from the Department of Municipalities and Transport in Abu Dhabi, over 4,441 sale and purchase transactions were recorded in the third quarter of last year, totaling more than AED 21.04 billion. Meanwhile, the Dubai Land Department reported that real estate sales in Dubai have exceeded AED 70 billion, highlighting the continued strength and appeal of the market in the Emirates.

The real estate market in the emirates of Abu Dhabi and Dubai witnessed rapid growth in supply and demand, driven by several factors, which include the launch of mega-projects, supportive oil prices, the development of a strong legal system, and the launch of golden visa and long-term residency programs through property investment. This reflects the UAE’s efforts in developing policies and systems to drive economic growth and highlights the country’s quality infrastructure and openness in business.

As the market continues to flourish and more investors begin to seek out opportunities in the UAE, the importance of transacting with credible real estate professionals has become increasingly relevant. ThinkProp Real Estate Training Institute is contributing to shaping the future of the real estate industry, through its commitment to share and enhance the knowledge for all real estate stakeholders to develop competent real estate professionals.

Importance of Licensing

Having licensed real estate professionals is key for building a successful real estate industry. Despite the importance of dealing with licensed professionals to secure legal protection, many investors and contract parties are tempted to deal with unlicensed real estate individuals, often due to their cheaper and lower commission rates, or their inability to verify if a real estate practitioner is licensed or not, which makes them a victim to real estate risky transactions. Conducting transactions with unlicensed practitioners poses significant risks and dangers for the customer, including increased potential of fraudulent deals and extra charges and fees.

Associated risks include potential exposure to fraudulent transactions or the burden of additional fees and taxes. Additionally, the lack of legal documentation verifying the legitimacy of these companies could complicate efforts to address any issues if the client encounters challenges.

Unlicensed and uncertified real estate individuals have no professional affiliation or organization, often making it difficult to locate them if a problem arises. They often do not adhere to proper moral and ethical standards. As they do not follow a code of conduct, there will be no consequences if they breach a contract, provide poor or invalid information, or act negligently. Investors cannot be protected if they deal with unlicensed real estate practitioners.

The ThinkProp Real Estate Training Institute, launched by Advanced Real Estate Services (ADRES) in 2022, aims to enhance work ethics, expertise, and fundamental knowledge among professionals in the real estate sector. By disseminating information from government institutions and reinforcing it through ThinkProp’s curricula, the institute seeks to boost trust and transparency in the market. Additionally, it strives to provide standardized knowledge and strengthen governance in the real estate sector.

The institute offers advanced training courses for individuals and companies interested in working in the real estate sector, providing certifications accredited by relevant authorities.

It ensures compliance with regulatory guidelines and keeps up with the latest developments and changes in the real estate industry. This approach encourages trainees to engage in this vital sector while adhering to all legal procedures, and helps in building trustworthy relationships between clients and other stakeholders.

Recently, the institute awarded certificates to over 800 real estate professionals, marking a significant achievement and further success in attracting more than 300 real estate institutions to register with the institute. THINKPROP enjoys considerable trust from the government, reflecting the institute’s pivotal role in supporting the expansion and growth of the UAE’s real estate sector. By providing experts and specialists from key areas of the field, THINKPROP contributes to shaping the future of a rapidly evolving sector.

The institute’s qualified trainers have made significant contributions and achievements in the real estate sector nationwide, driven by their strong commitment to leveraging their extensive expertise to train a new generation of real estate professionals. The institute employs a flexible approach, allowing trainees to attend training sessions either in person or virtually.

Launched by ADRES in 2022, ThinkProp Real Estate Training Institute aims to create a knowledgeable and ethical professional body of real estate experts in line with the government’s vision to drive the growth of the property and real estate sector. The Institute strives to increase market transparency and trust, provide unified real estate knowledge, and reinforce the governance of real estate professions.