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Expect higher rents in Dubai after new law
DUBAI - Get ready to pay still higher rents in the emirate of Dubai once home owners’ associations come into effect this year.
Tenants in freehold properties may have to bear the brunt of spiralling maintenance costs, partly or even fully, say property owners. However, property consultants view new regulations would bring in more accountability and transparency on the part of developers.
The associations, as per the new Strata Title Law expected to be introduced in October, would begin managing common areas within residential communities. This could have ramifications on building maintenance costs.
At present, developers maintaining properties say maintenance costs are often subsidised. Property owners say they would be forced to pass on maintenance costs, indirectly, to tenants which, in turn, would reflect on the rental values.
Shahzad Ahmed, a property owner, confirmed that if service costs see an exorbitant increase, some of it would have to be passed on to the tenants.
A landlord, who didn’t want to be named, said this could lead to more owners renting out their apartments, rather than living in them.
Welcoming the new regulations, consultants said they could only wait and watch how costs would go up, rather than speculate. Besides, charges would vary from one development to another.
Puneit Singh, Director of Operations and Projects at Sherwoods, an independent property consultant, said, "Regulations coming in to the market will lead to accountability on the part of developers and this is a healthy sign. Investors should feel more comfortable investing because of the accountability and would continue to invest. However, developers are now taking a conscious view to their construction costs."
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