Source : Business Times - 6 Jan 2009
The government of Abu Dhabi, capital of the oil-rich United Arab Emirates (UAE), will set up a new authority to regulate the real estate sector within the next few months, local newspaper Khaleej Times reported yesterday.
The aim of setting up the authority is ‘to chalk out an integrated system that streamlines property rent, sale and purchases, including suggesting legislation and rules that lead to stability’, Jawaan bin Salem Al Dhahiri, chairman of the Municipal Affairs Department of Abu Dhabi, was quoted as saying.
The new authority will eliminate the realty brokers in general, and the hike in rents in particular, he said. ‘It was felt that the property sector was in dire need of such an authority, to curb the unscrupulous traders, which affects people, taking into account that the real estate sector was the main cause of inflation in the country,’ he added.
Studies published by the Abu Dhabi Department of Planning and Economy in April 2008 showed that rents constitute 58 per cent of the overall inflation rate in Abu Dhabi, followed by energy and transport with 15 per cent, and foodstuff with 11 per cent.
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