In contrast to the various crises that the Dubai real estate market went through, starting from the crisis of 2008 (the global financial crisis) and reaching the crisis of “Covid-19” in 2020, the sector witnessed several initiatives and incentives supporting the maintenance of the activity's sustainability, and over the passage of those periods we have not yet seen An initiative that included final and radical solutions to service fees, whose high rates to this day still hinder the path of real estate investment, except for those initiatives related to cancellation, installment, and temporary reduction.
The most frequently asked questions among investors before buying are the value of service fees, and I personally have often dealt with buyers and investors of different nationalities, and their greatest concern was to inquire about the value of service fees, and whether they are subject to increase in the future.
The issue of service fees is not a result of today. Rather, it is a permanent problem that the market suffers from, which has undergone a series of discussions throughout the history of the development of the real estate sector in the emirate, as one of the solutions required to maintain the continuity of activity, and yet it remains until this moment a concern for owners and developers, as well as They still stand in the way of investment and purchase for the purpose of housing, and hinder the decisions of investors due to their high value, complexity, lack of clarity and accuracy in many cases, which the owners of real estate units have not tolerated and pushed them to raise a new appeal to the competent authorities to find a final solution that satisfies all parties without harming the interests of The beneficiaries from them.
In response to that call, the Dubai Land Department, through its organizational arm, the Real Estate Regulatory Agency, launched in November 2019 a system of "owners" as the first system of its kind in the world, to govern service fees, and aims primarily to achieve justice and transparency in relation to service fees and reduction. In order to enhance and motivate the market competitiveness to attract more foreign and local investments.
We value this step and thank the efforts of those responsible for it, especially those related to opening grievances to customers and granting them the right to file suits if they notice exploitation of service fees, but the question now is: Where are we from that system after eight months have passed since its launch, and has success been measured? Or does it take a full year to assess the situation and analyze the results?
From November 2019 until now, the barrier itself still stands in the way of owners and investors, and most of them are still surprised by a cumulative amount of service fees that they were not aware of before, although one of the advantages of the new angel system is the availability of data related to service fees to be viewed by dealers and ensuring their right To sue if not fair.
From this point on, I look to everyone to review their data and ensure that they have all the data that guarantees them access to and get bills for service fees, or review those concerned with the institution so that we can put a final evaluation of this system, and we do not return to the inquiry box again and create excuses in this The matter.
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"The (owners) system aims to achieve justice and transparency in relation to service fees and to reduce them."