New Abu Dhabi property law will keep rents 'reasonable'

Peoples are Worried Due to Increasing property rents in United Arab Emirates


Here is A Good news for Them , Abu Dhabi Has Passed a Law to control the Property rents.

New Abu Dhabi property law will keep rents 'reasonable'

Abu Dhabi’s new property law is set to boost growth and will lessen the impact of potential cyclical economic factors on the market, according to industry experts.

The effect of the recently implemented Regulation of Real Estate Sector in Abu Dhabi on financing and mortgage enforcement will be one of the core topics discussed at the upcoming Abu Dhabi Market Overview, which will be held on the first day of Cityscape Abu Dhabi Cityscape from April 12-14.

The forum will put a spotlight on Abu Dhabi’s economic drivers, its residential market capacity, and the impact a potential official freeze in oil output may have on the real estate sector.
Abu Dhabi Finance CEO Chris Taylor said that recent legal and economic developments in the capital will encourage best practice in the emirate’s real estate sector, with numerous factors contributing to buyers’ security, and subsequently enhancing growth.

“Increased clarity and transparency alongside centralisation of property and mortgage registration, the management of escrow accounts, and the creation of a mortgage law effectively reduces the risks involved in real estate transactions for all parties.

“Expat residents will be more likely to invest long-term in the market and non-resident customers will derive comfort from the new laws. The property law will lessen the impact of potential cyclical economic factors such as oil price movements on real estate prices creating a less volatile environment which should encourage continuous investment and growth of the sector.”

David Dudley, head of the Abu Dhabi office at JLL Mena, said that the property law would ensure higher financial security for investors.

“New regulations affecting escrow accounts, land and property registration, strata law, the licencing of real estate activity and new fees will help support a better regulated market as they will improve transparency and help protect consumers as well as investors.”

“Abu Dhabi’s new laws place greater responsibility and regulation on developers, which in turn will suppress supply growth. This will help reduce the risk of over-supply in the current period of weaker demand. However, the key will be to allow sufficient supply to come through to maintain a healthy balance between supply and demand to keep rents and prices at a competitive level.”

What is affordable?

In September 2015, JLL put “affordable” sales price in the UAE at around Dh790,000 and affordable annual rent at around  Dh72,000, stating none of the freehold locations currently offer affordable property for sale and therefore the only option for middle-income families is to rent. This is limited to apartment units as no villas/townhouses fall within their affordable range.

Some affordable units for rent can be found scattered across the central business district (CBD), however these are generally older buildings with little surrounding amenities and poor parking facilities. The majority of affordable projects available for rent are located in the outskirts of Abu Dhabi, away from the CBD, in locations such as Mohammed Bin Zayed City, Mussafah, Khalifa B and Al Rahba.

Dudley, however, went on to say that though oil prices and production volumes have always been a key driver of Abu Dhabi's economy and real estate markets, the current slowdown has some positive aspects.

“The good news is that demand growth continues from major capital projects that started when oil revenues were strong. Projects such as the airport expansion, the growth of Etihad Airways and other major tourism attractions, including the Louvre Abu Dhabi have an economic multiplier effect, ensuring continued GDP growth,” Dudley informed.

Registration deadline

Emirates 24|7 reported earlier this month that developers in Abu Dhabi will have to apply for a licence and register with the Department of Municipal Affairs by March 31 or could face fines of up to Dh2 million.

“Developers now need to act swiftly to meet short deadlines imposed by the law to avoid incurring considerable penalties,” according to David Bowman and Maha Dahoui of Al Tamini & Co law firm.

The Law No. 3 of 2015 regulating the Real Estate Sector in Abu Dhabi, in fact, came into effect on January 1, 2016.

Study in the USA, With USA Guides.

Complete Guideline About study in USA 

USA has the world’s largest international student population, Million of  students choosing to broaden their education and life experience in the United States. Nearly 4% of all students enrolled in higher-level education in the USA are international students, and the numbers are growing. From the mid-1950’s, when international student enrollment was only just reaching 35,000, international education in the USA has come a long way.

I look forward to helping students who, like you, are considering continuing your education in the United States. You will find all of the tools you need to compile your necessary research in deciding if the United States is the best place for you — we have gathered valuable information on educational, social, cultural and economic aspects of studying in the U.S.

Study in the USA - College & University Search

Find, research, contact and save schools you are interested in through our USA School Search. With listings of all universities and colleges in the USA that accept and enroll international students, once you create a free account it can be your central place to find the right school for you! With searchable data on over 3,000 schools, you can match to schools based on program of study and degree, state or other geographical location, tuition range, public vs. private and many other data points. We know that choosing the right school and program can be an extensive and exhausting process, and we have built this resource specifically so that you, an international student, can find the right program.

Choosing the USA

Most students have some idea of what they would like to study – whether engineering, business, law, philosophy or anything else. Our Subject Study Guide offers subject-specific information for over 50 fields of study. No matter where your interests may lie – from Agriculture to Web Design and everything in between - we have information to help.

Financial Aid for the USA

Financing an international education is not easy, and our financial aid resources are always popular. With tips on planning, a comprehensive international scholarship database, an award-winning international financial aid blog, and custom-built international student loan application, we can help you manage your finances effectively while studying in the USA

Application Process

The application process for US colleges and universities can be extensive and confusing, and many international students are intimidated by the number of steps required. From SATs, TOEFL and other tests, to essay writing, credential evaluation and more, we have created an easy-to-follow timeline and breakdown to help you through the application process.

Preparation for your stay

Some students find this more difficult.All the necessities of life that you have at home, you will have to recreate for your stay in the USA. Do you have your student visa, travel essentials and enough cash to get set up? Have you purchased an international student insurance plan? Are you set up to call home regularly and affordably? Make sure you are fully prepared before you leave for the USA.

The USA "Way of Life"

What will life be like for you while you are studying in the U.S.? Are you thinking of working while you study abroad? What about the challenges of living with a roommate from another country? Here you can learn more about the diverse cultural, social and economic aspects of living, studying and working in the United States

Graduation

You have many choices to make after you graduate. Will you take advantage of optional practical training and look for a job? Or do you plan to continue on with your education by seeking an advanced degree? We can help focus your research and thinking on the next step for you to take on your educational and career journey

Online Degree Programs

Many schools now offer their students the opportunity to earn a degree online from anywhere in the world. For many students that cannot afford to leave home for years, online learning is the only way to earn a US degree. Learn the advantages and disadvantages of completing an online degree in your chosen field of study