Gulf News Wednesday, Sep 25
2019 | Muharram 26, 1441
Mohammed bin Rashid issues
law on joint ownership of real estate in Dubai
Dubai: The Real Estate Regulatory Agency (Rera)
has been further empowered to oversee the upkeep of “jointly owned properties”
in Dubai, including the way facilities management (FM) businesses bill clients.
As per a new law, the FM service provider must
submit reports every six months to Rera on the management of the property and
common areas. At any time, Rera can request information on the revenues and
expenses related to service charges.
The FM provider is also responsible for
obtaining insurance coverage for the project, while the Rental Disputes Centre
can review all disputes that fall under this law.
The new law applies to all major projects and
jointly owned properties in Dubai, including those located in free zones and
special development zones. Violators are subject to financial penalties up to
Dh1 million. Penalties will be doubled in case of repeat violations within a
year up to Dh2 million.
These form part of Law No (6) of 2019 issued by
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime
Minister of the UAE and Ruler of Dubai.