Media ININ Economy We Trust
Media In Dubai – 26 November 2018
The Dubai Land Department has confirmed that the low fees for joint property services in the freehold areas of Dubai have contributed to the attractiveness of real estate projects by encouraging buyers to invest in the medium and long term and even those who want to buy residential units.
This is due to the regulatory laws of this activity, notably Law No. (27) of 2007 on joint ownership, as well as the circulars issued by the Dubai Land Department and the Real Estate Regulatory Authority (RERA). In addition, the Corporation has required the service management companies in these projects to disclose the financial statements of service fees and to submit them to the Corporation for auditing before contacting the owners and demanding payment.
Marwan bin Ghalaita, CEO of RERA, said in a press release that MediaN has received a copy of the organization’s regulatory and oversight role to ensure transparency in this aspect and to avoid items and items not previously known to buyers. He added: “The institution has required the management companies to present all their financial statements to the owners’ associations, and to take the prior approval of them. Not only that, but they are asked to submit the budget to be audited by a financial audit company registered in our institution. , And then submitted again to the institution to review the audit, to be adopted in the event of passing all these stages.
When comparing the rate of service charges last year with the year 2018, a survey by the Real Estate Regulatory Authority (RERA) shows that the percentage of decline in 11 areas distributed throughout the city of Dubai, up to 12% in some areas.
He stressed the need to obtain the approval of the institution to collect fees for services, which is available through the electronic system www.mollak.ae owners in addition to the need for cooperation between owners in reducing the use of energy, which leads to rationalization of expenses to contribute significantly in reducing fees for services, as that The electricity charge (electricity + central adjustment) is 45% to 65% of the total service charge.
