Dubai property owners support new associations but doubt they will have major impact, study shows

Some 50% believe that owners managing their own residential communities will give them better value for money and 56% think this will lead to improved services, according to the survey by Dubai based Real Opinions.
 
But one in three say it is impossible to tell exactly what impact the introduction of owners associations will have.
 
‘These results are a strong endorsement of owner associations but this is just the beginning of the challenge they face with the transition from developers to actually prove these beliefs,’ said Jim O’Hare, the chief executive of Place Community Managers who commissioned the study.
 
The new owners associations have to be registered with the Real Estate Regulatory Authority via the developer. And the study shows that some 56% believe the transfer of these communities from developers to the owners will also increase the transparency in relation to the contentious question of actual fees charged to owners for the upkeep of their communities. There were just 16% disagreeing that it would increase transparency and 27% were not sure either way.
 
Despite the empowerment of property owners to form their own owners associations and perceived benefits, there was even greater uncertainly in terms of the impact this may have on the larger real estate industry. Just 23% believe this will encourage others to buy property while 46% were not sure. Encouragingly, 17% of those who presently don’t own property intend to buy in the United Arab Emirates, but they are cautious as 14% don’t intend to do so in the next 12 months. This is compared to 8% who are presently trying to sell.