"Proper regulations are integral to keeping the market vibrant and with healthy inflows of foreign investment," said Peter Crogan, Chief Executive Officer of the UAE-based strata management company, BCS - Strata Management Services. "This is important while Dubai continues to develop as a globally significant real estate market. This law has been eagerly awaited and now it is announced, Dubai will see a lot of short, medium and long term benefits," he said
Dubai's Condominium Law relates to the management of common property and shared facilities such as parking, fire services, air conditioning, lifts, pools, gyms, walkways, roadways and gardens - collectively referred to as 'strata' in some countries - in multiple owner developments.
Mr Crogan continued by highlighting the importance of such Condominium laws, "Owners Association management in a regulatory framework maintains the quality of the shared facilities environment of any development and once established enhances the overall quality of life and the City environment," he said.
"Also, since it clearly defines relations between developers and owners, who are represented in Owners Associations, the law helps remove ambiguities about who is responsible for common property management and reduces skepticism among investors. Owners through their Owners Associations will be able to participate in the budgeting of the common property management processes. Subsequently, this grows confidence in the value of their investment, in that it is more protected, enhanced and in a market that is more organised and streamlined."
Commenting on the Condominium Law, Adel Lootah, Board Member, BCS and Chief Executive Officer of National Properties, said the law is an important addition to Dubai's maturing real estate sector.
"As our property market has evolved we have been learning from and adopting international best practices and asset management protocols. As a full service real estate company National Properties is happy to see this new legal framework; it has arrived at an opportune time and will further protect the interests of investors and other stakeholders in the fast evolving market," he said.
BCS - Strata Management Services is a joint venture between National Properties, the wholly owned real estate subsidiary of National Bonds Corporation, and the Prudential Investment Company of Australia (PICA). BCS, the strata management arm of PICA is the largest in Australia and the seventh largest in the world.
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BCS predicts growing investor confidence with new Condominium Law
- United Arab Emirates: Thursday, January 24 - 2008 at 14:05
- PRESS RELEASE
The Dubai Condominium Law 'No. 27 of 2007: Joint Ownership of Property Law' issued by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, will help drive demand and increase investor confidence in Dubai's real estate market, according to an expert in international owners association management regulations.
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For further information, please contact:Jonathan Tudor/ Nizar Saab
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About BCS Strata Management Services
BCS - Strata Management Services is a joint venture between National Properties, the wholly owned real estate subsidiary of National Bonds Corporation, and the Prudential Investment Company of Australia (PICA). It is the most experienced specialist strata management company to enter the UAE market.
BCS - Strata Management Services aims to provide comprehensive strata and facilities management services of international standards to developers, home-owners and tenants both in the UAE and other strategic markets in the region. It draws on the expertise and extensive knowledge of BCS (Body Corporate Services), the strata management arm of PICA.
About National Properties
National Properties is a wholly owned, full-service real estate subsidiary of National Bonds Corporation, which offers distinctive homes and lifestyle options to the multinational UAE community. A Shari'a compliant entity, overseen by NBC's Fatwa & Shari'a Supervisory Board for all of its financial aspects including operations and investments, National Properties seeks to identify, develop and maintain unique opportunities in the property market for the prudent deployment the National Bonds Corporation investments earmarked for real estate developments. The development initiatives of National Properties will accord top priority to the needs of the local community while ensuring good returns for the National Bonds holders.
About Prudential Investment Company of Australia
The Prudential Investment Company of Australia (PICA) was established over 50 years ago and has had many interests in a wide range of businesses, its core being the Owners Association Services or Strata Management industry in which it is the market leader. PICA offers customers Owners Association or Strata Management, Financial Services, and Facilities Management products and services all supported by advice, technology and best industry practices. Its core being the Strata Management industry in which BCS (Body Corporate Services) Australia is the 7th largest strata management company in the world and a market leader in the Australian Body Corporate or Strata Management industry
PICA is a wholly owned subsidiary of FEXCO, a provider of global payment services and processing. Via its three core product groups - Global Corporate Payments, Global Consumer Payments and Business Services - FEXCO distributes millions of international payment transactions annually.
Posted by Medilyn Manibo, Assistant News EditorThursday, January 24 - 2008 at 14:05 UAE local time (GMT+4)
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