Strata Law to make major inroads into UAE real estate

Strata is a term used to describe 'jointly-owned property' and relates to ownership of property in a location where a unit has been divided into several units used for private ownership and common areas (owned in common by all unit owners in the development), and where the responsibility for day-to-day management remains with an Owner's Association. All unit owners within a property become members of the Owner's Association on registration of the unit at the Lands Department. Membership of the Owner's Association and ownership of the unit are inseparable. Jointly-owned Property is therefore a form of Strata ownership.

"After 20 years of experience in the Australian market and recently in GCC countries, Strata Global is now in a strong position to empower the UAE community as the Strata rules and regulations take hold", said Kent O'Brien, CEO and Managing Director, Strata Global. "It is essential for all individuals and businesses involved with the ownership of jointly owned real estate, to have knowledge of the laws, and that can be achieved by attending seminars organised by RERA and our company", added O'Brien.

Strata Law is new to the UAE, but has been a common system in places such as Australia, New Zealand, South Africa and Singapore for the last 50 years. "The rights and obligations of all parties will be affected by the laws and in most cases non-compliance such as non disclosure may allow the contractual arrangements to be voidable or broken", said O'Brien, who is passionate about a subject that will benefit all parties involved in Dubai's long property history. "Owners and Occupants will now see Owner's Associations taking on the management of properties with the aim of protecting the Owner, the Occupant and the asset itself therefore as 13th October draws closer we will see the impact of strata law making significant inroads in to Dubai real estate."