Abu dhabi: The Abu Dhabi Real Estate Centre (ADREC), a key player in the administration of the real estate sector in Abu Dhabi, has introduced a digital transformation initiative for registering Expressions of Interest (EOI) in off-plan real estate projects via its innovative Madhmoun platform.
According to Emirates News Agency, this announcement was made in conjunction with the launch of the Manchester City Yas Residences by Ohana project, marking the first instance where EOIs can be registered electronically through ADREC's digital system. Moving forward, all developers undertaking new projects will be mandated to use the Madhmoun platform for digital registration of investor off-plan EOIs.
The Madhmoun platform places EOIs under the direct supervision of ADREC, facilitating investor protection by depositing EOI funds into a government-managed preparatory escrow account. This development signifies a departure from traditional off-plan investment practices, creating a regulated framework that aligns with international standards to protect all parties involved in the off-plan property purchase process.
Sultan Al Memari, Acting Executive Director of the Real Estate Regulation Sector at ADREC, emphasized, "Safeguarding the interests of investors, while taking into account the operational requirements of developers, remains at the core of our ongoing transformation of the real estate sector. Madhmoun has already delivered positive change to the market, and EOIs processed through Madhmoun will further enhance Abu Dhabi's reputation as an exceptional place to live, invest and thrive. We continue to strengthen the real estate ecosystem through policy modernisation and digital transformation. This and other initiatives will further consolidate Abu Dhabi's position as a trusted real estate investment destination for years to come."
The new approach mitigates traditional intermediary risks by implementing digital refund mechanisms and improved oversight capabilities, ensuring enhanced monitoring and protection of funds across all transactions.