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New law raises investor confidence
A new law issued by the Dubai government to regulate the management of shared facilities in buildings, will increase investor confidence, according to an international property management firm.
The Dubai Condominium Law relates to the management of common property and shared facilities such as parking, fire services, air conditioning, lifts, pools, gyms, walkways, roadways and gardens - sometimes referred to as strata.
According UAE based strata management company, BCS Strata Management Service, it will clearly define the relations between developers and owners and will remove ambiguities about who is responsible for common property management - hence increasing investor confidence.
"Owners through their Owners Associations will be able to participate in the budgeting of the common property management processes," said Peter Crogan, CEO BCS.
"Subsequently this grows confidence in the value of their investment, in that it is more protected, enhanced and in a market that is more organized and streamlined."
Adel Lootah, CEO of National Properties and a board member of BCS, added that he believed the law will further protect investors' interests.
"As our property market has evolved we have been learning from and adopting international best practices and asset management protocols.
"As a full service real estate company, we are happy to see this new legal framework; it has arrived at an opportune time."
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