International lenders did not disclose specificities, but said it was part of global cost-cutting plansNovember 26, 2015 11:32
Homeowners to choose maintenance companies
Big developers will lose sole discretion over companies that service common areas of developments.
May 27, 2010 8:17 by Rasha Reslan
Dubai’s Land Department has announced that it is working on guidelines that will permit property owners to appoint their own management companies, The National reports.
The new strata law will strip big developers in the emirate from their control over the property maintenance market. The regulations for the new law may be available soon, a spokesman for the department of Dubai’s Real Estate Regulatory Authority said.
Under the new guidelines, homeowners’ associations will have the freedom to choose the companies they contract to service common areas. At present, this decision is left up to developers. Chief executive of the strata law consultancy Place Strata Management, Jim O’Hare, said the new regulations could offer savings of as much as 20 percent for property owners in some developments.