Ajman home owners get right to manage their buildings

Property owners in Ajman will be able to manage their own buildings as the Ajman Real Estate Regulatory Agency (Arra) will start registration and activation of owners’ association.

According to the agency, it is in the process to select a specialised company to monitor the work of all owners’ associations (OAs).

The approval to form OAs was given by Sheikh Abdul Aziz bin Humaid Al Nuaimi, Chairman of the board pursuant to the provisions of the Amiri Decree No. 8 of 2008 to regulate the joint ownership in the real estate projects in the emirate.

“The forming the Owners Associations and activating its role will help upgrade the level of services in the real estate sector and in turn boost the market,” Al Nuaimi said.

Arra Executive Director Yafea Eid Al Faraj said: “We have embarked on the necessary procedures to accelerate the process of activating the role of the owners associations and ensuring that the firm, which will be operating under our umbrella, submit reports on a regular basis,” he added.

No details were given on when the OAs will be registered and the OAs rights to managing these freehold towers.

Market sources, however, told Emirates 24|7 that over 100 freehold towers are completed in Ajman. This implies that all of them will have an owner association.

In Dubai, the Law 27 of 2007 concerning ownership of jointly owned properties says the OA comes into existence once the first title deed is issued.

In January 2015, Abu Dhabi Global Market, the capital’s first financial free zone on Al Maryah Island, said it plans to allow unit owners to form OAs so to manage the operations of the buildings.

 

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