Talent shortage threatens growth of regional strata management

The strata management industry in the GCC is facing a shortage of talent at the same time it is being fast integrated into the region's real estate sector says Peter Crogan, Chief Executive Officer, BCS-Strata Management Services.

Strata management, which involves the management of common areas and facilities in multi-owner developments, is already being heralded as one way to build confidence in real estate. Dubai has already issued the region's first strata management law – the Dubai Condominium Law No. 27 of 2007: Joint Ownership of Property Law – and other governments in the region are expected to follow suit.

"Strata management requires considerable expertise and knowledge of international best practices in this service area. However, the GCC is presently lacking in professionals with such expertise and knowledge and many have to come in from overseas. As a result, strata management is already being pressurised by this talent gap just as its practice is beginning to grow," Crogan said.

To help close the gap, BCS – Strata Management Services is currently working with the Real Estate Regulatory Agency (RERA) in Dubai to train over 3,500 real estate agents in strata management.

Crogan added that since Dubai has set the ball rolling on streamlining strata management, demand for such services will increase many fold.  "The Dubai law requires every developer to enlist the services of a strata management company. This presents a new set of business and employment opportunities in the property sector."

"Education is key to bridging the existing gap between talent and opportunities. As one of the fastest growing real estate markets in the world the region needs to address this issue should it retain investor confidence and sustain the inflow of investments," added Crogan, who is a senior professional and commentator on strata management.

Crogan has over 15 years of experience in Australian real estate, where strata management is fully developed and forms a cornerstone of the market. He is also respected as an educator and under his leadership.

BCS is the first global strata management company to enter the UAE market and also the largest strata management company in Australia. The company is currently working on several high profile developments, including the Green Community and Green Community West, Tiara Residence on the Palm Jumeirah, and the Golf Gardens in Abu Dhabi.