218 interim owners bodies set up

Dubai’s Real Estate Regulatory Agency has registered 218 interim owners associations (IOAs) with the expectation that IOAs will manage about 70 per cent of the freehold properties by year-end.

The Land Department will hold the first forum of owners associations on June 13 at the Godolphin Ballroom, Emirates Towers. A series of topics will be discussed in relation to the activities of these associations regarding real estate regulations, as well as the challenges and opportunities faced by the industry in the current economic climate.

Mahmoud El Buri, senior director for the real estate sector development department of the Land Department said: “Organising similar forums is a necessity at this time, especially with the increasing number of Land Department registered associations, now up to 218 associations, allowing them to manage about 70 per cent of the freehold properties in the emirate by the end of this year.”

Mohammad Khalifa Bin Hammad, Senior Director for real estate relations, Real Estate Regulatory Agency said: “Owners Association management expertise in the market is still young and needs guidance. This could be provided by the Land Department in order to enable Owners Association management to perform its duties in the best way to match international standards.”

Real Estate Regulatory Agency (Rera) had set an October 2010 deadline to complete all documentation process and register owners’ associations. The deadline, however, was not extended.

In January, Rera CEO Marwan bin Galitha had said that 150 owners associations had been registered. Graham Yeates, Head of Strata Management, Cluttons had told 'Emirates24|7' they estimate about 2,000 owners’ associations to be registered in Dubai.

This website reported in April that Rera had made it mandatory to get Jointly Owned Property Declarations (JOPDs) under the Strata Law to be approved and signed by lawyers prior to submission.

“The Land Department wants JOPDs to be produced by qualified and experienced lawyers to ensure that the declarations comply with the Jointly Owned Property Law, have been appropriately drafted and are a workable management tool for the owners going forward,” said Stephen Kelly, Legal Director, Real Estate, Clyde & Co, had said.
 

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