In a significant move to bolster the real estate landscape in the emirate, the Department of Municipalities and Transport (DMT) has officially introduced the Abu Dhabi Real Estate Centre (ADREC).
This strategic initiative, announced on November 2, 2023, is poised to accelerate growth, and fortify the real estate ecosystem in Abu Dhabi through a robust and comprehensive regulatory framework.
The primary objective of ADREC is to unite and strengthen the real estate sector by introducing measures to enhance efficiency, provide stronger oversight, and increase transparency. The centre will play a pivotal role in supporting residents, investors, real estate companies, and professionals through its multifaceted approach.
ADREC will leverage innovative tools and data to streamline processes and reinforce operational efficiency across four key focus areas: strategic planning, promotion, regulation, and transaction management. By implementing a holistic strategy, the centre aims to create a conducive environment for sustainable growth within the emirate's real estate market.
One of ADREC's key responsibilities is to oversee real estate development projects, collaborating closely with developers to ensure the timely delivery of projects that enhance the overall quality of life for residents. The centre also plans to actively engage in both local and international real estate conferences and events, underscoring its commitment to promoting the Abu Dhabi real estate market and attracting further investment.
Mohamed Ali Al Shorafa, Chairman of DMT, emphasized the transformative potential of ADREC, stating, “With ADREC, we embark on a journey of innovation, transparency, and empowerment. Our vision is not only to grow the real estate sector but to enhance the quality of life for every resident and investor in the emirate. ADREC's mission reaffirms our unwavering commitment to ensuring a more dynamic real estate sector in Abu Dhabi that continues to attract investors worldwide with our thriving communities.”
The launch of ADREC marks a pivotal moment in the evolution of Abu Dhabi's real estate sector. The center’s comprehensive strategy, which places a strong emphasis on transparency, innovation, and collaboration, aims to elevate Abu Dhabi's unique market value, positioning it as an attractive destination for tourists, developers, residents, and investors alike.