Dubai launches property service charge and maintenance index
Dubai has taken the lead over other cities in the Middle East by launching a “service charge and maintenance index” for freehold areas, a move that brings more transparency and supports the development of the real estate sector.
The index, released during Gitex Technology Week, currently provides details of 300 projects in 22 master development such as Business Bay, Dubai Marina, Jumeirah Beach Residence, Jumeirah Lakes Towers, International City, Motor City and Dubai Silicon Oasis though the Real Estate Regulatory Agency (Rera), the regulatory arm of Dubai Land Department (DLD), has audited the service charges and maintenance fees of 420 projects.
The index is designed to be applied to services areas and common spaces and be under the management of owners associations and property developers.
“The launch of the service charge and maintenance index enables landlords and property investors in Dubai to know the service charges and fees that are paid for each project. It represents a necessary step in the light of the diversity of the emirate’s real estate offerings to expand the scope of e-services that we offer to our clients and ensure the maximum possible level of convenience and transparency,” said Mohammed Khalifa bin Hammad, Senior Director, Rera.
The index is based on data audited by Rera, with the information being verified with owners associations and developers and has been divided into four main categories: apartments, offices, shops and villas. The level of service and maintenance charges is in dirhams per square-foot formula.
The index will be updated directly via an e-link with “Mollak,” a system that has been developed specifically to assist property developers and owners associations in complying with all Rera registration and management requirements.
“The index has covered a wide range of areas of development in Dubai and we are working hard to include even more projects. In the near future we aim for the index to cover all of the emirate’s urban areas and provide this service to all our customers,” Bin Hammad added.
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