Uniform laws will enhance international investor confidence in UAE real estate sector
BCS Strata Management Services, the first UAE-based strata management company, has welcomed the UAE Government's initiative to establish a federal real estate regulatory authority to coordinate the efforts of existing local regulatory bodies. Peter Crogan, CEO, BCS Strata Management Services, expressed his full support for the initiative that is likely to further boost international investor confidence in the real estate sector. The initiative is a positive move that will streamline practices and procedures and enable clarity in dealing with each emirate's real estate regulations.
Crogan said, "BCS Strata Management Services looks forward to the setting up of the federal regulatory authority, which will establish uniform property laws for the whole of the UAE. The initiative is an opportunity to harmonise real estate regulations across emirates and to streamline procedures in line with global best practices. It will further boost confidence in the real estate sector of the UAE among international investors and bring additional stability to the sector. In particular, such a move will help investors who own projects across different emirates, while also benefiting developers, investors and service providers."
He also said the proposed online title registration of Owners Association and compliance monitoring by the Dubai-based Real Estate Regulatory Authority (RERA) was in line with global best practice. Crogan remarked that the entire suite of Dubai property laws is easily transferable to other emirates and, in fact, to other Gulf Cooperation Council states. Moreover, it will enable strata management companies, such as BCS, to deliver more cost-efficient service across the country.
