Dubai property market is maturing

The latest 'Strata Law' is a good example of one of the administrative and legislative structures coming in place in order to provide a framework for the relationship between buyers and sellers of property as well as the visibility of buyers into the project details.

Quoted from this article, the Strata Law could require developers to disclose a wide range of information in their sales contracts, including:

1. Building and community service charge budgets for both operational and capital expenses (including a breakdown on a per unit basis),
2. utility supply agreements containing a schedule of rates and charges,
3. copies of intended contracts of all pre-committed service contractors,
4. copies of constitution or association rules for future owners associations,
5. details of the intended titling structure for a project as well as staging of development and approximations of numbers of dwellings,
6. copies of survey plans showing unit boundaries, car park and storage allocation, and
7. details of other arrangements materially affecting an owner's interest.

It is concluded that greater transparency is designed to ensure that there will be no future surprises to investors or buyers. All the information will be there in front of them prior to signing.