A lot of people looking over this column will probably believe that owners associations certainly are a whole new theory. Well you better think again.
As the Jointly Owned Property the Strata law, that will be better known locally (JOP) Law had its beginnings in Australia in 1961. Since then the concept has been adopted in a variety of jurisdictions around the world including its own version was implemented by Dubai, which in April 2007 under Law Number 27.
The JOP Law effectively introduces a legally recognised democratic authority being the owners’ association (OA). This permits the system owners to determine on the financial administration and service levels to be supplied to the communities’ occupants to facilitate a life style, which will maintain real estate values, and protect residents.
In Dubai, real estate has been traditionally administered by landlords, developers and real estate agents and kept by a range of trades and building maintenance service providers. The property downturn in recent years has forced investors to realise the necessity to maintain the built environment within sustainable budgetary parameters.
As a result of this is the requirement for specialist owners’ association managers with the proper expertise to organize and manage the maintenance and administration of jointly owned properties in accordance with statutory requirements.
The owners’ association management sector is estimated to grow exponentially, with estimates that there is certainly well in excess of 2000 potential OAs expecting for the developer to commence the undertaking of registration processes and subsequent handover of management to specialist OA providers. This procedure is expected to happen when RERA enforces the long overdue present deadlines on developers to enable the registration and independent operation of OAs to proceed to full registration and self – management.
There are no revisions for this post.