Video .. Director General of the Department of Land: 15 percent reduction of service fees by the end of 2020

Sultan Butti bin Mejren, Director General of Dubai Land Department, said that the joint ownership law, which will be implemented tomorrow, will reduce the services and maintenance fees in the emirate by up to 15% by the end of 2020, according to the Department's expectations of the impact of this law on the services sector.

Bin Mejren said in a statement to the Emirates Today that the inspection by the Real Estate Regulatory Authority on real estate management companies will control the bill of service fees in the future in the interest of the real estate investor, which is the main guarantee in reducing these fees.

It is worth mentioning to the new law, which will be effective from Tuesday, provides for the abolition of existing owners associations to be replaced by facilities management companies, and obliging these companies to insure common property to ensure maintenance, and the need to deposit a bank guarantee with the Department of Land and Property for all the common real estate managed by .

He added that it is also an important item in the law, that the developer is responsible for repairing any structural defects in the building for 10 years after obtaining the certificate of completion and responsibility for repairing defects in electrical, electromechanical and health work for one year.

Director General of Land Department: Joint ownership law aims to reduce service and maintenance fees by 15% by the end of 2020.pic.twitter.com/t65vxMji98