New rules to boost UAE property investment

photo credit: bettyx1138

Property investment confidence in the UAE could get a boost as rules and regulations governing the real estate market improve, experts have said.

Peter Crogan, chief executive of BCS Strata Management Services, said new rules like the Dubai condominium law would protect buyers.

Mr Crogan addressed the GCC Home Summit earlier this week, saying regulations would help the “under siege” property sector.

He backed the introduction of strata laws – legislation which lays down the responsibilities of property owners and developers.

He said:

“Strata laws protect investment in real estate as it lays down protocols on property management and developer-buyer relations.

“This in turn will support the return on investment, which will help the market stay vibrant despite the current global economic slowdown.”

According to Mr Crogan’s firm, Dubai has announced plans to introduce the ‘Dubai condominium law’ as a strata law.

Developers are expected to have to disclose proposed service providers to owners’ associations.

The new regulations would also provide overall transparency in dealings, Mr Crogan added.

Other Gulf states are also expected to introduce strata-type laws in a move which could lift the mood of the region’s real estate market.

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