20 Sept 2021, The National News – thenationalnews.com
The move aims to boost transparency and attract more investments into the emirate’s property sector.
Abu Dhabi has approved the second batch of real estate conciliators as part of its efforts to boost transparency and attract more investments into the emirate’s property sector.
The new batch of mediators was approved by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs and chairman of the Abu Dhabi Judicial Department (ADJD). The conciliators will help settle real estate disputes in the mediation centres located across the emirate, state-run news agency Wam reported on Saturday. They will be located at the headquarters of Abu Dhabi, Al Ain and Al Dhafra municipalities.
The new batch of 14 mediators, four of whom are women, have already taken the oath remotely before ADJD under-secretary Yousef Saeed Al Ebri and the under-secretary of the Department of Municipalities and Transport Abdullah Al Sahi, Wam said.
The move comes as part of wider efforts by the Abu Dhabi government to further enhance the competitiveness of the emirate, boost the ease of doing business and attract real estate investors.
Resolving real estate disputes will contribute to saving time and effort, accelerating the flow of capital and reducing the number of cases coming to the courts, Mr Al Ebri and Mr Al Sahi said.
Property sales transactions in the majority of residential communities in Abu Dhabi have increased in 2021 amid higher demand in key areas as the UAE’s economy continues to recover from the coronavirus-driven slowdown, according to listings portal Property Finder.
The average sales listing price for an apartment in Abu Dhabi jumped to Dh1.3 million ($353,982) in July from Dh1.15m in January, while the average villa/townhouses sales listing price in the capital touched Dh4.57m in the same month from Dh4.1m in January, it said.
The top areas for apartment sales listings in July in Abu Dhabi were Al Reem Island, Yas Island, Al Raha Beach, Saadiyat Island, Al Reef and Al Ghadeer.
Property markets in Abu Dhabi and Dubai have rebounded strongly, as pent-up demand and supportive stimulus measures offered by the government boosted economic activity.
Abu Dhabi has also taken steps, including providing rent rebates and reducing business set-up costs by more than 90 per cent, to attract more investors and improve the ease of doing business in the emirate.