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Property laws in Dubai >> Law No. 27 - New Strata Law



Dubai real estate business is well flourishing and it has become one of the best worldwide known property markets today. The city is emerging as a very popular market for local as well as overseas investors as it offers good profit returns from property investments. This emirate is located in the Middle East which is even a conveniently place business hub and people from all over the world have now started coming here for their ongoing and emerging business projects and dealings. Moreover, this city has turned the dreams of living a luxurious life into reality and the experts believe that it will continue to boom as many more upcoming developers have started entering the UAE market. Moreover, other factors believe that the growth of this particular sector is not entirely dependent on external factors only; however, there are various traditional sectors which are contributing in the same. The traditional sectors that are involved in real estate Dubai business are re-exports, retail, tourism, logistics, free zones, manufacturing and business hubs.

These sectors are well growing here and because of this Dubai real estate business is reaching new heights. Moreover, in the current scenario, the real estate business projects have exceeded the demand.  However, this sector here in Dubai is more than 10 years old and the forthcoming demand will continue to sustain the real estate business growth. Experts believe that Dubai government is on the right track to ensure the growth of real estate here. They are exploring the market well and there is a high level committee that has been exploring new ideas with which the market can be raised. The land department and the Real estate regulatory agency (Rera) have commenced various necessary steps and reforms in order to guarantee a successful real estate Dubai business.

New Strata Law:

Moreover, a new Strata Law has been passed by the government. This is basically a real estate ownership where some building parts are individually owned. However, the remaining areas will be owned and managed by individuals jointly through an owner’s association. This is all related to the UAE’s facilities management market as it has been given a new refreshed boost thus, it will now result in higher quality and even better managed architecture. This new law came in effect at Dubai International Financial Center since 2006 as a result many associated sectors have got an immense growth including space management, operations, building maintenance etc. Moreover, this kind of real estate ownership is there in the case of apartment buildings. The residential units here in Dubai are owned by individuals and that not only includes the house but the parking gardens, lifts, roofs etc.

Furthermore, if we study the strata law properly, then we will find that there was an urgent need of this law, because of the fact that many disputes revolve around such buildings. People often quarrel for the parking area, maintenance of common areas etc. Though, this law has no means to curb these disputes and quarrels, but it will definitely help in solving such matters. Although, the law seems to be beneficial, still there is a lot of speculation revolving around the law. People are not able to understand the role of the strata manager as he will be managing the assets in the interest of the tenants.

This strata law is expected to stabilize the realty market as they are widely expected to increase the quality of life and the confidence of many property
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