The implementation of recently introduced Strata and Ejari laws is causing a stir in the property and facilities management sectors, yet many industry players have vague knowledge of the regulations due to inadequate or limited coverage.
In view of this, brokerage agency Landmark Properties has appointed Christiane Murray to spearhead the awareness drive and ensure owners in the UAE are compliant with the regulations and also offer best practice and standards related to projects in both new and existing developments.
In an exclusive interview with Alrroya.com, Murray said the primary focus of her portfolio would be to create awareness through providing as much information as possible to property owners in order to educate them on solutions that save them money and headache at the handover stage, through to leasing and 24-hour maintenance.
“The majority of Landmark’s clientele are property owners, thus we have initiated processes to ensure full awareness of these laws. An example of this is the detailed Ejari factsheet we recently created which explains what Ejari is, why it was implemented and how it will affect landlords, including a main focus on the consequences,” she said.
Rera seeks mandatory registration of contracts
Murray will be responsible for running the Property Management Department in addition to managing all third party service providers. Landmark Property Management acts as a landlord-tenant liaison in all matters relating to the management and leasing of properties, providing a turnkey range of bespoke services including property inspections, facilities management and tenant management.
“We offer consultancy on strata law to all our clients. The most common questions and enquiries relate to service charge budgets and invoices. Small and medium sized developers tend to ask for advice on strata compliance in general,” she added.
As the in-house expert on strata law, Murray will also consult on the legal requirements to ensure that clients are compliant. She is also tasked with ensuring that owners are educated and updated on local law compliance including Joint Ownership Property (JOP) law, Real Estate Regulatory Authority’s (Rera) rules and Ejari regulations.
The strata law relates to the management of common property and shared facilities such as parking, fire services, air conditioning, lifts, pools, gyms, walkways, roadways and gardens, collectively referred to as ‘strata.’ Under this regulation an association of owners would maintain the quality of the shared facilities of any development, whose objective is to improve the overall quality of life and the environment.
“At Landmark, we strongly believe in providing clients with detailed information as it is imperative to be as transparent as possible when communicating with both existing and prospective clients,” Murray added.
On the other hand, under Ejari laws launched by Rera, lease or rental agreements are required to be registered on the newly formed Ejari e-registration portal. This aims at limiting irregularities regarding the registration of the contracts, which have lead to various legal and ownership problems in Dubai. This law is not only applicable to landlords, but to companies as well, interested in renting out their property.
“In order to fully comply with newly introduced laws from Rera it is important that the requirements, consequences and benefits are all understood. Only then an acceptance of these laws and a seamless transition can be expected,” the Landmark Properties’ executive said.
Transparency, standards key for property investors
With the two property laws firmly in place, Murray sees better regulation in the real estate sector especially in Dubai, which has undergone a massive makeover for the last two years, making some international investors to become wary about where they want to bet their money.
“The intention of the Jop and Ejari laws is to bring stability, transparency and standards in processes and procedures to the real estate market. Investors now spend a lot of time gathering information and doing background research before deciding to invest in projects in the UAE,” Murray said, adding “It is therefore important for Dubai to create an internationally accepted legal framework, which will provide the pillars needed for a more mature and stable property market, as this will help investors to regain their confidence.”
Landmark Properties is also actively engaged in lobbying for a reasonable residence visa for property investors. This, along with a sound legal system and good governance is expected to automatically lead investors to return to Dubai once they gain more confidence in the market.
“The last few months have shown that developers with a good track record in adequate building quality were those least affected by the recession. Investors will always look for a good location and a good return on their investment,” she said.
“However, in the long-term this is only possible if the building quality is up to an expected standard,” the expert added.
Consider also reading:
Abu Dhabi realty investors seek new legislation
Lack of clear valuation plays havoc on property prices
Defining the ‘new normal’ for UAE real estate
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