New Law Gives Dubai Property Owners the Right to Manage Their Property

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(DUBAI, UAE) - Until now, buyers of homes or apartments in Dubai did not have the right to form owners' associations or hire property managers. Management of sold properties continued to be the responsibility of the developer. That could be good or bad and either way tended to be expensive.

The new Dubai Jointly Owned Property Law allows owners to set up associations and to hire professional association managers to handle cleaning and maintenance of common areas, security, and pest control which Nicola Betts, Head of Association Management at Asteco Property Management, calls "the dawn of a new era in the Dubai property market."

"This legislation will bring much need transparency, guidelines and RERA [Real Estate Regulatory Agency] directive to the emerging industry of association management. It is good for the market," Betts explained, because of transparency and disclosure of operating costs. 

"We intend to be one of the first organisations to be licensed by RERA to manage owners' associations as well as providing both developers and property owners with professional consultancy services to assist them with the compliance and transition of their developments," added Betts.

The new regulations will are expected to reassure overseas investors. Transparency is essential especially for foreign owners and having an owners' association to help protect their interests should boost confidence in the Dubai market. "In the current economic climate, investors more now than ever need their properties to earn their keep, providing a continuous income stream and optimal return on investment," said Betts.

Asteco, a major regional and international real estate services firm and the largest property services company in the United Arab Emirates, was founded in Dubai in 1985.  Asteco offers independent market analysis, design development consultancy and valuation, sales and leasing, as well as asset and property management.
 

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