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Apartment blocks in Dubai are suffering from a lack of confidence in the property market

Posted by 7starsdubai on 2009/11/08


source TheNational
Homeowners say its absence creates legal ambiguity and developers complain that without it they are essentially forced to provide extra services for householders.

Both, however, seem to agree that their dilemmas and Dubai’s lacklustre property market could be smoothed over by the emirate’s strata law.

Dubai Real Estate Regulatory Agency, or Rera, which took a lead role in shaping its regulations, has for the past several months been largely silent on the issue. Officials there did not respond to questions on the issue. And in the interim, developers, homeowners and property management firms warn, the result is wavering confidence and continued confusion in the market.

“Everyone’s frustrated,” said Adrian Quinn, chairman of Essential Community Management, a property management firm that has been waiting years and invested a total Dh8 million ($US2.2m) for the day when the law would allow it to bid for rights to manage freehold properties in Dubai.
read the full report The National

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