ADREC signs MoU with Bayut and Property Finder to enhance transparency and efficiency in Abu Dhabi's Real Estate Sector

The Abu Dhabi Real Estate Centre (ADREC) – the custodian and regulator of the Abu Dhabi’s world-class real estate sector – has signed a Memorandum of Understanding (‘MoU’) with two leading real estate portals, Bayut and Property Finder, to enhance transparency, efficiency, and decision-making in Abu Dhabi's real estate sector.

ADREC Acting Director General Rashed Al Omaira said: “We are pleased to sign these two MoUs with our partners. This move reflects ADREC’s belief in the importance of forging partnerships with both the public and private sectors, aiming to contribute to the development of an integrated system that serves the center's vision of positioning Abu Dhabi as a preferred investment destination. This entails providing innovative services, flexible legislation that aligns with sector needs, and ensuring transparent and accessible data for all stakeholders to support investment decisions”.

The center welcomed the signing of two MoUs with its partners to ensure that the end user is presented with accurate, non-conflicting purchase-related information through the combination of these websites. In addition, it will help streamline the efforts of the channel partners within the customer purchase journey. The MoU signing is also useful for enhancing sector services and elevating real estate transparency levels.

The MoUs aim to enhance real estate market quality and efficiency, introduce advanced solutions for stakeholder security, provide transparent data to customers, and support future sector growth in Abu Dhabi. This includes coordinating programs and workshops for industry professionals to ensure legal compliance and gather market insights, and monitor real estate advertisements, ensuring compliance with Abu Dhabi's Real Estate Regulatory Law. As well as addressing regulatory challenges and promoting real estate services locally and globally. Central to this partnership is leveraging data-driven cooperation to enable sector partners to gain valuable insights that support the investment decision-making process and enhance real estate transparency. Haider Ali Khan, CEO of Bayut and dubizzle and the Head of Dubizzle Group MENA, expressed his enthusiasm about the partnership, stating: "As we initiate this impactful collaboration with the Department of Municipality and Transport in Abu Dhabi, it serves as evidence of our commitment to nurturing innovation, transparency and sustainable advancement within the real estate sector. In tandem with the DMT, our collective goal is to generate meaningful effects that impact the wider community, thereby contributing to the ongoing success of the UAE." “We are proud of this partnership which is a testament to Abu Dhabi’s vision, alongside our own at Property Finder, in providing the commitment to promoting trust and transparency in the real estate market. At Property Finder, we have experienced many similar and successful partnerships and we are looking forward to this joint force helping to pave the way for a vibrant real estate sector, driving sustainable growth and prosperity for the nation becoming is the destination of choice for regional and international capital investment.” said Fouad Bekkar Group Vice President - Data & A.i. at Property Finder.