This statement of support follows the recent announcement made by the Federal National Council that that the Government was considering assuming a role at the federal level to coordinate and enhance regulatory efforts among all local real estate regulatory authorities.
Peter Crogan, Chief Executive Officer of 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.
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.
"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," Crogan said. "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."
Crogan added: "With regard to the drafting of federal laws, the entire suite of Dubai property laws is easily transferable to other emirates and, in fact, to other Gulf Cooperation Council states. The hard work has already been done in Dubai, so the cost savings will be evident to the whole of the UAE. Moreover, it will enable strata management companies, such as BCS, to deliver more cost-efficient service across the country."
BCS Strata Management was launched in 2007 to bring international best practices in strata management to the real estate sector in the UAE. The company currently works with a range of major property developers in the country.
