Dubai: Real estate brokers and brokerage firms in Abu Dhabi can expect a further tightening up of rules on how they offer services to clients.This update to how brokerage services are conducted will form part of a new set of rules Abu Dhabi will bring in across its property market. It will also extend to the creation of homeowner committees at freehold projects.The updated rules on real estate brokers will be particularly significant given the advances Abu Dhabi has made as a property investment market, especially among a growing base of overseas investors.New projects are getting bigger, as if clear from the multi-billion dollar Fahid Island development from Aldar. The initial launches of homes there attracted more overseas buyers, many being first-time investors in Abu Dhabi. It has also meant that brokers see it as a lucrative market to operate in, and more of them are launching full-fledged services there.The new Abu Dhabi rules will bring about further 鈥榯ransparency鈥 in all aspects related to how real estate deals are put together.It is also no coincidence that other emirates with buoyant freehold property markets of their own are also moving to tighten the rules when it comes to how brokers operate. Dubai has brought in multiple updates to its own rules 鈥 and specifically how brokers market listed properties for sale or rental.What will change in Abu Dhabi?Abu Dhabi 鈥榓lways had stringent licensing regulation in place for brokers and real estate agencies鈥, said Cherif Sleiman, Chief Revenue Officer at the Property Finder platform. 鈥淗owever, these were not necessarily technology-backed and supported by active governance. 鈥淎bu Dhabi has been making consistent efforts to raise regulatory standards in a bid to drive trust and transparency, promoting other avenues for investment into the UAE.鈥淭he benefits of prompt adoption and execution of laws are regularly revisited and modernised. These govern the licensing of (real estate) agencies, agents and advertisements of properties.鈥淎bu Dhabi is driving extended regulations, as evidenced by the recent announcements regarding sale, purchase, registration, evaluation, management and operation of real estate.鈥滱ccording to Sleiman, this movement to bring in updated rules to monitor the real estate sector and professions linked to it is not limited to one or two emirates.鈥淪harjah is signaling similar movements, while Ras Al Khaimah and Umm Al Quwain have shown intent to heighten active regulations within their respective real estate industries,鈥 said Sleiman. 鈥淭his is promising momentum for the (entire property) market, as it grows interest in the UAE.鈥漌hat is Abu Dhabi planning for its property market?It was earlier this month that Abu Dhabi鈥檚 department of Municipalities and Transport confirmed that changes to the emirate鈥檚 real estate sector are coming.鈥淭he update covers a new definition for real estate activities,鈥 the statement said. This will extend to 鈥榓ll aspects of the development – including sale, purchase, registration, regulation, evaluation, management, and operation of real estate鈥.Not just that, the new rules help 鈥榬egulate and manage all real estate professions and brings currently unregulated roles under a unified regulatory framework鈥.So, according to industry sources, what is coming will be as comprehensive as it gets for the emirate鈥檚 property market and for all those who operate within it.鈥淚n Abu Dhabi, it is important to note that the new regulations do not mandate more capital,鈥 said Sleiman.鈥淗owever, (it will) require further legitimacy of agency and agent activity. We have noticed an increase in the cost of advertising a listing, which incentivizes putting forward only valid listings. This reflects an increase in agency budgets but is not indicative of a massive capital uptick.鈥淲e can expect more details to come to light in the coming weeks, and remain on hand to empower brokerages, buyers and investors with the data and insights they need to make decisions.鈥滺omeowner committeesThe other major change that the new rules will bring in is the setting up of 鈥榦wner committees鈥 in freehold projects.鈥淭he formation and functioning of these committees will be governed by decisions issued by the Chairman of the Department of Municipalities and Transport,鈥 said the statement. Plus, 鈥榯heir role (is) limited to advisory and oversight duties鈥.Specialised management companies will be the ones responsible for the operational management of the freehold properties, thus 鈥榚nsuring flexible regulation鈥.Again, this is of extreme significance given the number of freehold-designated projects that will see completion in the next 3-4 years. And with more on the way鈥