Latest news with #DARI
Khaleej Times
19-03-2025
- Business
- Khaleej Times
UAE: Real estate developer suspended for violating trade permit laws, promoting unlicensed projects
With Abu Dhabi tightening realty laws in order to protect buyers in recent times, authorities have been penalising property owners for violating laws in the emirate, whether related to neglect of sites or promoting unlicenced projects. A real estate developer in Abu Dhabi was recently suspended for violating regulations in the Capital, the Abu Dhabi Real Estate Centre (ADREC) announced on Tuesday. The violations committed were related to licensing, trading permits, and promotion of unlicensed projects. All developers have been urged to adhere to approved legislation and regulatory requirements, with the authority stressing the importance of obtaining necessary licenses before carrying out any promotional activities. A report from Khaleej Times last year highlighted how several residents were duped by property agents who lured them with false pretences and carefully manipulated photos of properties. Meanwhile, the reality turned out to be different. Some buyers even dealt with advertisements showcasing false rents and sizes. In 2022, Abu Dhabi launched a digital platform, DARI, to tackle real estate scams, fake agents, online listings of non-existing projects and offers. The platform — aimed at increasing transparency — shows residents and investors all DMT-approved official projects, leasing, buying or selling of properties. In another initiative to improve transparency in the real estate market, Abu Dhabi launched the first official rental index in the emirate last year. The platform offers indicative quarterly rental pricing for properties located in areas across the city. Residents can get easy access to reliable data on residential, commercial and industrial properties. Penalties for property owners Recently, Abu Dhabi's Department of Municipalities and Transport said it has begun imposing heavy penalties against property owners who neglect their property, leading to distortion of the city's appearance or posing a risk to public safety. Violators will face hefty fines of up to Dh20,000 for repeated violations, with the minimum penalty starting from Dh5,000 and moving to Dh10,000 with the second violation. In another announcement, the DMT stated fines of up to Dh10,000 for property owners in Abu Dhabi who partake in fencing, enclosing, or covering their properties in a way that distorts the public appearance. Tackling the issue of overcrowding in apartments, the authority has stepped up on-site inspections of buildings in the city. Property owners and investors have been urged to comply with regulations to avoid hefty penalties that range from Dh5,000 to Dh500,000. Moreover, any repeated offences will incur fines of up to Dh1 million. Legal changes across UAE With a surge in off-plan property and more foreign investors and buyers coming into the UAE to invest in the realty market, emirates across the country have tightened laws to improve transparency and protect buyers. In Dubai, the Real Estate Regulatory Agency (Rera) established terms and conditions to govern advertisements and curb negative practices within the industry. Last year, authorities fined 286 real estate companies and brokers for failing to comply with regulations. In 2024, the Dubai Land Department imposed fines of Dh50,000 each to 30 real estate companies for failing to comply with the terms and conditions specified in real estate advertisements. Soon after, real estate agents in the city were given a three-day deadline to remove all property listings that were unavailable for sale or rent from their digital platforms. During the first half of 2024, 256 property brokers were penalised for not complying with the advertisement regulations in Dubai. In a report by Khaleej Times in 2024, property developers revealed how they conduct due diligence on buyers to ensure that no illegal money flows into their projects. This came after the UAE made stricter laws surrounding property transactions in 2022 by asking property agents, brokers, and law firms to report cash transactions worth Dh55,000 and above to the UAE's Financial Intelligence Unit. Dubai has also upped its crackdown on overcrowding in properties, which includes villas and apartments. The DLD banned 10 property owners from leasing their properties due to overcrowding and safety standards in 2024. Meanwhile in 2023, Umm Al Quwain's Ruler announced six new laws to regulate the real estate sector. These regulations are concerned with prices, mortgages, real estate transactions and protecting rights of investors.
Gulf Today
03-03-2025
- Business
- Gulf Today
Abu Dhabi real estate transactions hit Dhs17.24 billion in first two months of 2025
Real estate transactions in Abu Dhabi reached Dhs17.24 billion in the first two months of 2025, with over 5,000 transactions, reflecting the sector's strong activity. According to the 'DARI' platform of the Department of Municipalities and Transport in Abu Dhabi, real estate sales transactions since the beginning of the year have totalled Dhs9.8 billion across 2,676 transactions, while mortgage transactions during the same period have reached Dhs7.2 billion for 2,352 transactions. Additionally, the total value of usufruct transactions has exceeded Dhs229 million for 28 properties. Abu Dhabi continues to strengthen its stature as a leading and reliable real estate investment destination, driven by its diverse offerings and commitment to transparency in providing data to investors, which enhances the quality of real estate services in the emirate. The sector's momentum also reflects Abu Dhabi's advanced infrastructure, which supports the growth of various projects and fosters a competitive business environment.
Zawya
03-03-2025
- Business
- Zawya
Abu Dhabi real estate transactions hit $4.69bln in first two months of 2025
ABU DHABI - Real estate transactions in Abu Dhabi reached AED17.24 billion in the first two months of 2025, with over 5,000 transactions, reflecting the sector's strong activity. According to the "DARI" platform of the Department of Municipalities and Transport in Abu Dhabi, real estate sales transactions since the beginning of the year have totalled AED9.8 billion across 2,676 transactions, while mortgage transactions during the same period have reached AED7.2 billion for 2,352 transactions. Additionally, the total value of usufruct transactions has exceeded AED229 million for 28 properties. Abu Dhabi continues to strengthen its stature as a leading and reliable real estate investment destination, driven by its diverse offerings and commitment to transparency in providing data to investors, which enhances the quality of real estate services in the emirate. The sector's momentum also reflects Abu Dhabi's advanced infrastructure, which supports the growth of various projects and fosters a competitive business environment.
Zawya
17-02-2025
- Business
- Zawya
Within 13 months: Burtville Developments achieves 50% completion on "Ville 11" project in Masdar City
Abu Dhabi, United Arab Emirates: Burtville Developments has announced a significant milestone in the progress of its flagship project, "Ville 11", located in Masdar City. According to data from the DARI platform, affiliated with the Department of Municipalities and Transport in Abu Dhabi, construction work on the project has reached 50% completion. Burtville Developments has stated that the construction progress, since the project's launch in January 2024, reflects growing confidence among buyers in the company's projects and Abu Dhabi's real estate market. The rapid advancement also highlights the company's strong construction capabilities and its stable financial position, increasing the potential of the project being completed ahead of schedule. Initially, Burtville Developments set the project's handover date for the third quarter of 2027, but the company now anticipates completion and delivery by the second quarter of 2026, thanks to the exceptional pace of construction. The company emphasized that Abu Dhabi's real estate sector is currently experiencing strong growth, driven by rising demand, particularly from foreign investors. The emirate has become a preferred destination for investors seeking high-quality residential developments, which supports the plan of Burtville Developments to continue launching projects designed to diverse investor needs. Burtville Developments also reaffirmed its commitment to exploring further investment opportunities and developing premium real estate projects in strategic locations across Abu Dhabi, aligning with its goal to deliver exceptional residential experiences that meet investors' aspirations. In parallel, the company highlighted steady progress across all its ongoing projects in Abu Dhabi, including: Ville 12 in Masdar City Bab Al Qasr Residence 25 and Bab Al Qasr Residence 31 in Yas Bay, Yas Island Bab Al Qasr Resort Residence 18 & 19 in Masdar City Construction activities across these projects are advancing efficiently, with site preparation, foundation work, and excavation operations progressing smoothly.
