Although strata management is making its way to rule books in the UAE, almost 60 per cent of the property developers in the country are still unprepared for such laws, a top company executive said.
Peter Crogan, Chief Executive Officer of BCS¬ Strata Management Services, said: "Developers need to move fast and get their act together so that the new law can be smoothly integrated into Dubai realty. Clearly, developers are running out of time. They need to move fast to ensure that there is a fair level of awareness of strata management and of shared responsibilities in a jointly owned property."
Dubai is expected to issue the country's first code on strata management shortly, as part of raising standards and cementing investor confidence in the emirate's property market. The Dubai Condominium Law will set proper guidelines on the management of common areas and facilities – collectively referred to as "strata" – in multi-user developments.
The condominium Law will define the role of the owners association, a representative body comprising unit owners in a development, as well as the developer's role in the day to day management of shared facilities such as elevators, garden, gym and pool. "Strata law is still a very new concept in the Middle East. One of the main challenges would be educating tenants that developers will not own or manage common areas anymore. However, once such ambiguities on property ownership are cleared, the real estate market will see an increased inflow of foreign investment and transparency," said Crogan.
BCS Strata Management Services is employing its experience and expertise to build awareness on the law, in addition to providing industry leading strata management services to developers in Dubai and Abu Dhabi.
Real Estate Regulatory Agency (Rera) in Dubai has tied up with BCS Strata Management Services to educate over 4,000 industry professionals this year under the Rera Real Estate Accreditation programme at the Dubai Real Estate Institute.