[ad_1]
The Dubai Lands Ministry confirmed that the low fees charged for common real estate services in Dubai's free zones have contributed to the attractiveness of real estate projects by encouraging buyers to invest in the medium and long term, as well as those wishing to buy residential units. .
This is due to the regulatory laws governing this activity, including Law No. 27 of 2007 on condominium ownership, circulars issued by the Dubai Land Department and RERA.
In addition, the Company has asked the service management companies involved in these projects to disclose the financial statements of the service charges and submit them for verification before contacting the owners and requesting payment.
Role
Marwan bin Ghalaita, CEO of RERA, emphasized the institution's regulatory role in ensuring transparency of this aspect and avoiding items that were not previously known to buyers. He said: "The institution has asked the management companies to submit all their financial statements to the homeowners' associations.
And by taking the prior approval. Not only that, but they are then asked to submit the budget to the audit by an auditing company registered with us in the institution, to audit, and then again submitted to the audit. institution to review the audit, for adoption if all these steps are taken. "
Fees
A RERA survey shows that, compared to 2018, the percentage decline in 11 districts of Dubai is 12% in some regions. He stressed the need to obtain the Foundation's approval to collect service fees, available through the owner of the electronic system mollak.ae.
In addition to the need for cooperation between homeowners to reduce energy consumption, which leads to a rationalization of expenses in order to significantly contribute to the reduction of service fees, given that the l 39; combined electricity (electricity + central air conditioning) accounts for 45 to 65% of total royalties.
"By carefully reviewing the RERA service fees, we want to enhance the attractiveness of real estate investments in the city," said Mohammed Bin Hammad, senior director of real estate regulatory affairs at RERA.
We have launched a number of initiatives to reduce service fees, which will take advantage of the investment horizon and Dubai's position as a global competitive index and competitive advantage. which will remain one of the most important investment options in the world. "
RERA initiatives include encouraging the use of modern energy saving systems in green initiatives, the possibility of renting space in common areas and the use of rental income to reduce service charges. The initiative for the installation of counters and the conditioning of buildings has been launched.
Source link
