Property brokers will be held to higher professional standards from January 1. (Lee Hoagland / The National)
Property brokers will be held to higher professional standards from January 1. (Lee Hoagland / The National)

First step to a solid property market



Many of us are able to recount unpleasant stories about renting or buying property in Abu Dhabi, which is why the new law requiring those working in this sector to meet high professional standards is such good news. The law comes into effect on January 1, requiring developers, brokers, assessors, surveyors and auctioneers to have a minimum amount of training before being granted a permit from the Department of Municipal Affairs to operate in the emirate.

This will not just strengthen the property market itself but will also increase the confidence of the public who deal with those working in the industry. Yousef Al Kuwaiti, a director at the DMA, said the training will educate real estate professionals about their rights and duties both to the owner and the buyer or renter. Better service ought to follow from this, helping improve industry standards generally.

We have the chance to see what has worked in other countries that have already gone through this process. Many require real estate professionals to do a set number of hours of formal training before being granted a licence. These courses vary in terms of length and the type of training. Brokers, for example, often require at least three years experience and training in their field and only then do they have the chance to apply for a licence.

But, as Ben Crompton, managing director of Crompton Partners, told The National, these training requirements will not achieve their goals unless the rules are actively enforced. After a 90-day grace period ends, the authorities will need to conduct regular inspections to ensure that all of Abu Dhabi's real estate professionals have licences. This will be a major task.

Other parts of the law also require enforcement. A prime example is the rule banning developers from collecting registration fees from investors. Investors previously had to pay a customary 2 per cent registration fee applicable on resales, which quickly adds up to be a considerable sum of money. The new law will restrict developers to only charging approved administrative fees.

Real estate is a critical and fast-growing industry in the capital, and many analysts are predicting it will continue to thrive. That is most likely to happen if the regulations ensure the sector is fair, professional, transparent and are seen to be enforced.

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Starring: Adwa Bader, Yazeed Almajyul, Khalid Bin Shaddad

Rating: 4/5

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COMPANY PROFILE

Name: Xpanceo

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Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

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Funding: $40 million

Investor: Opportunity Venture (Asia)

Company Profile

Company name: Hoopla
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Founder: Jacqueline Perrottet
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COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Aayan’s records

Youngest UAE men’s cricketer
When he debuted against Bangladesh aged 16 years and 314 days, he became the youngest ever to play for the men’s senior team. He broke the record set by his World Cup squad-mate, Alishan Sharafu, of 17 years and 44 days.

Youngest wicket-taker
After taking the wicket of Bangladesh’s Litton Das on debut in Dubai, Aayan became the youngest male cricketer to take a wicket against a Full Member nation in a T20 international.

Youngest in T20 World Cup history?
Aayan does not turn 17 until November 15 – which is two days after the T20 World Cup final at the MCG. If he does play in the competition, he will be its youngest ever player. Pakistan’s Mohammed Amir, who was 17 years and 55 days when he played in 2009, currently holds the record.

Dates for the diary

To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:

  • September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
  • October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
  • October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
  • November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
  • December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
  • February 2, 2018 Bodytree will host its 4th annual yoga market.