Property owners in Dubai are currently preparing for life under the new Strata law, due for implementation in the future.
The law will see developers hand over control and ownership of the common areas of the building rather than just individual units.
Currently, many buyers only legally own the actual unit they bought and have no claim on common areas such as pool and gym. The new legislation will divide the common areas up by the number of units and gives each owner an equal share.
Strata will put ownership and therefore management and maintenance of the building into the hands of the homeowners who will be responsible for ensuring these areas are carefully managed and maintained effectively. Each building will elect a committee of members to oversee such matters.
In preparation for the law‘s imminent introduction, and in one of the first moves of its kind in Dubai, residents of Westside Marina Building, with full support of its developer; Tulip Developments, have signed a joint submission from Better Homes and AUAE Strata Global to manage both the property and homeowner's association of the building.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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