Business Bureau, Gulf Today

Dubai is an exceptional city where the infrastructure and high-quality logistics services are the best of its kind in the region, as well as the most advanced infrastructure communication networks, which give Dubai a competitive edge.

 The real estate sector in Dubai is also counting on the “Supreme Committee for Real Estate Planning”, which was directed by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, last September to review all real estate fees, which would increase demand through procedures and incentives such as reducing medium and long-term real estate registration fees, and other fees.

This was echoed by Walid Al Zarouni, a real estate expert, Chairman  of W Capital Real Estate Brokerage recently in Dubai.

“Reviewing the service and maintenance fees for real estate in Dubai has become an urgent demand on the part of investors.” Walid added.

“Some also argue that the service fees are collected to maintain the building and sustain the quality of services therein, but this should not  at all hinder working hard to preserve the attractiveness of the sector to real estate investors affected by the high fees, so controlling or reducing these fees serve the market and investors together. “

The new laws and regulations, including the joint ownership law and the new “ Mollak “ system, which is the first of its kind in the world, are effective tools that contribute to pushing the real estate investment engine in Dubai. They can reduce the maintenance and service bills, especially with the presence of financial assessment of real estate business management . “Finally , we can say that the hesitation of the investment decision by some potential investors in the real estate market is due to service fees, and if this factor is controlled in the market , we can assure that the buying curve of Dubai real estate take an upward track, not only in the short and medium terms , but in the long run also.” Walid concluded.