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ADM registers 57k tenancy contracts in Tawtheeq System

WAM Abu Dhabi, Nov 21st, 2012 (WAM) — The number of tenancy contracts registered in the Tenancy Contracts Registration System, known as Tawtheeq, amounted to 57,666 contracts by the end of August last, thus accounting for a market share of 21% of the total 280 thousand leasable units registered in the System.

The Municipality of Abu Dhabi City launched the program in November 2011, with the aim of regulating the real estate market in Abu Dhabi city.

The number of property management companies that use Tawtheeq Electronic System has topped 200 in Abu Dhabi city. The Municipality has coordinated and signed agreements with 14 government entities to support the project and forge partnership with 4 government agencies.

Tawtheeq System was launched in response to the urban boom seen by the emirate of Abu Dhabi. It also aims at creating a coherent, effective and integrated information system shared by all government entities, streamlining ‘&’ supervising the process of documenting tenancy contracts in the city of Abu Dhabi, safeguarding the rights of landlords ‘&’ tenants, enforcing the real estate registration law, and standardizing tenancy contracts documentation among property management companies.

The system was well-received by the target segments, which currently represent landlords and property management companies, due to its importance in streamlining landlord-tenant relation, and safeguarding the rights of the parties of the tenancy process in a clear mechanism.

The system also provides a standardized database for all residential, commercial and industrial units and accurate statistics of real estates of all kinds, thus constituting a standardized platform for regulating property registration and documenting written or electronic tenancy contracts of leased property units in Abu Dhabi city.

As the Municipality of Abu Dhabi City is keen on facilitating property registration procedures through Tawtheeq, it committed resources necessary for ensuring the optimum implementation of the system, and enabled the electronic registration of properties through its official website.

It also prepared a standardized tenancy contract template and instituted an automated contract registration process, thus eased the burden on landlords and property management companies.

WAM/ES