Thursday, November 29, 2007

UAE Realty market expected to stabilize with the execution of Strata Law

UAE property market
The professionally implemented Strata and Facilities Management is widely expected to enhance the quality of life, and investor confidence in the UAE, thereby bringing about more stability in the UAE real estate market.

Dubai, as a part of its streamlining process, is likely to launch a Strata Law soon, which would streamline its local realty market, through adoption of best international practices.

The Strata Management will cover all common facilities shared by both owners and tenants, such as the fire services, parking, lifts, air conditioning, walkways, gymnasiums, pools, gardens and other common property. This is vital in maintaining high-quality living environment, keeping in mind, the health and well-being of all residents, while also maintaining cordial stakeholder relations.

The Chief Executive Officer of BCS Strata Management Services, Peter Crogan, while speaking at the Facilities Management Conference in Dubai, noted that the UAE property market, particularly Dubai, has entered a phase of proper regulatory frameworks and asset management protocols.

The region has witnessed high volume of investment and property boom, with spectacular and extensive developments being launched, the sustainability, of which, could be guaranteed only through professional management of assets, he added.

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