Strata security

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Strata deadlines may not be viable due to the shortage of trained professionals, says Peter Crogan.

Strata Titles will secure the market, but there’s a significant shortage of industry professionals, says expert.

Whatever the reason may be - the credit crunch, a normalisation of inflated prices, new legislation on ‘flipping' - the truth of the matter is that investor confidence in Dubai and, by extension, the rest of the GCC, is currently at its most fragile.

Several silver linings are emerging, however, through the necessity to protect and ensure the sector's future. The introduction of Strata Titles, according to experienced strata professional Peter Crogan, CEO of BCS Strata Management Services, will be just one such positive outcome.

"Strata protect investment in real estate as they lay down protocols on property management and developer-buyer relations. This, in turn, will support the return on investment, which will help the market stay vibrant despite the current global economic slowdown," says Crogan, explaining that the ultimate aim of the strata law is to safeguard the interests of the consumer by making previously undisclosed information available.

"Strata law is an assurance from the developer on unit delivery and transparency in dealings, as well as a reaffirmation of the buyer's right to know valuable detail and information. This is international best practice and the integration of this into this country's real estate sector will help lift the mood in the market and build confidence, attracting foreign investment."

And the chain reaction that Strata Titles introduce could reach further than many developers have anticipated, he explains.

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