The New Strata Law

The new strata law, officially known as the “condominium law no. 27 of 2007 regarding ownership of jointly owned property in the emirate of Dubai”, has been implemented on April 1, 2008. It is believed by experts that the law will have a positive influence on the facilities management sector, particularly on sinking funds and volumetric sub-division. Under the latter, parts of a building are divided and the cost sharing thereof is managed accordingly.

As per the new strata law, unit owners in a building or community will form an owners association that will take care of the management and maintenance of common areas. The said association will have a general manager (strata manager) as well. The law assigns the general manager the responsibility of managing the administrative, secretarial and financial affairs of the owners association. S/he will work in coordination with the board (consists of at least three and at most seven owners) to come up with and implement appropriate strategies and initiatives.

Though the law has been put to action, it will take some time to see the corresponding effects on the industry as the transition period has not been confirmed yet. The transition period in turn has the following offshoots to be considered:

• At what juncture do the existing buildings and developments have to be brought under the new strata law?

• At what juncture do the existing property projects that are being marketed have to come under the new disclosure requirements?

Property developers will be considered for some kind of relief from the obligation to obtain a disclosure statement. The Real Estate Regulatory Agency (RERA) is working out the details of the relief.

RERA is a body under Dubai government’s Land Department. RERA was formed in July 2007 and it formulates, regulates, manages and licenses various real estate related activities in the emirate.

Dubai Property Market Offers Residential Sports City

Over recent years, Dubai property market has expanded to include more localities and developments from across the city. Dubai property sector has something innovative on offer these days – Dubai Sports City – a place sports lovers from all over the world will cherish. Dubai Sports City has residential property on offer amidst facilities for watching, playing and learning a range of sports. It is hailed as the world’s first purpose-built sports city.

Sprawling across 50 million square feet of land, Dubai Sports City is a property project worth 4 billion USD. An 18-hole golf course designed by Ernie Els is the star attraction of the property development. Recently, Ernie Els Club was also inaugurated which is the first completed venue in the development.

Dubai Sports City is a property development that will, apart from golf, cater to sports such as cricket, rugby, soccer, hockey, tennis, ice skating, field events, etc. Not only this, the City will have property options in proximity to sporting academies. Some of these are given below:

• Manchester United Soccer Schools

• ICC Global Cricket Academy

• Butch Harmon School of Golf

• World Hockey Academy

• David Lloyd Tennis Academy

In addition to offering amenities for sports enthusiasts, the property development will have something for their families. There will be more than 1.7 million square feet of retail space in the name of North Point, South Point and Arena Mall. With 230 stores in two storeys, Arena Mall will be the largest shopping complex in the property development.

Every shopping district of the Dubai Sports City will have a multi-cinema complex in addition to an entertainment zone and food outlets. The property development will also host cultural and sports events at the indoor and outdoor stadiums. There will also be hotels, medical facilities and international schools in the property complex.

Dubai Sports City is a residential property development in Dubailand that will have four splendidly done stadiums:

• A multi-purpose outdoor stadium with seating capacity of 60,000;

• A cricket stadium with seating capacity of 25,000;

• A multi-purpose indoor arena with seating capacity of 10,000; and,

• A field hockey venue with seating capacity of 5,000.

The property development is based on a state of the art design wherein all sports and entertainment venues will be located centrally. This will be useful in the sense that residents will have everything at walking distance. With traffic congestion elsewhere in Dubai, the Sports City will provide a welcome respite to residents in promoting healthy and eco-friendly living.