Earlier this year, the Abu Dhabi Real Estate Centre (ADREC) announced the launch of Madhmoun. Madhmoun is Abu Dhabi’s first-ever Multiple Listing Service (MLS) platform that provides transparency, efficiency, and trust in the real estate market for interested parties like brokers, developers, and buyers etc. Madhmoun, which means ‘verified’ in Arabic, serves as a unified one-stop solution offering a reliable and centralised platform for property transactions.
Every property listed on Madhmoun is thoroughly verified to ensure accuracy and reliability. It allows the Users to have access to the latest property data, fostering informed decision-making. The platform also helps the Abu Dhabi’s real estate market to enhance its visibility with international investors.
Every property advertised must carry a permit issued through the DARI platform. A permit will also require the consent of the owner and each property is limited to three brokers only. Any misleading or duplicate advertisements are removed bolstering buyer confidence.
ADGM’s Real Estate Advertisement Permit Services
The ADGM, in collaboration with the Department of Municipalities and Transport (DMT) and Abu Dhabi Real Estate Centre (ADREC) launched the ‘Advertising Permit’ service. The partnership aims to utilize DMT and ADREC’s Madhmoun initiative.
The integration of the Madhmoun initiative with ADGM’s Advertising Permit creates not just an advertising service but also onboards an internationally recognised platform designed to empower aggregators, elevate market standards, and enable authentic advertising.
The service will help ADGM to reduce fake listings, strengthen market oversight, and boost investor confidence, and will require all advertisements for property within ADGM’s jurisdiction to obtain a permit issued by the financial center.
Productivity Benefits
Madhmoun also enables the seller to have increased visibility, and there is a reduction in fragmentation of property listings. The visibility is estimated to increase by an average of 70% for a property. Since the platform ensures that the database contains the most current information on the properties available in a given area or market, the productivity of broker also increases by 35% and reducing transaction time by 40%.
Conclusion
The introduction of Madhmoun has brought a positive impact on the reduction of fake listings. The house owners earlier faced the issue of platforms listing their properties without permission and to mislead end customer. However, with Madhmoun, the owners can choose agencies of their preference. Madhmoun has led to a reduction in listings, wherein all the units without permits have been removed.
Note: This article is for information purposes only and does not constitute legal or professional advice.
To know more, please contact:
Thomas Paoletti
Francesca Romana Valeri
Fauzia Khan
