HOA under Real Estate Regulatory Authority (RERA) UAE
- The introduction of the Law concerning Real Property Registration (Law No. 7 of 2006) in the Emirate of Dubai sets a drastic change in the UAE real estate market and the economy by allowing non-UAE nationals to own real estate properties in Dubai. Article (4) Law, No. 7 of 2006, allows non-UAE persons to own freehold title, long lease, or a usufruct right for up to 99 years in designated areas in Dubai.
- Following Law # 7 of 2006, The Dubai Law 27 of 2007(The Strata Law) was enacted, with implementing regulations following in April 2010. Today, developers continue to work towards compliance with this Law, empowering property owners to jointly manage their communities and buildings whilst protecting transparency and fairness on issues such as service charge levels, contracting with service providers, and the use of common areas and facilities.
- Due to the enactment of the two laws mentioned above, the HOA in mainland of Dubai are working in proper structure protecting the owners’ interest under the guidance of RERA.
About RERA in UAE
The Real Estate Regulatory Authority (RERA) is the Dubai Land Department’s policy-making authority. RERA is designed to follow a global best practice framework and a transparent international real estate methodology. Also, it was developed to promote greater transparency in the real estate industry to guard unit owners against the enormous strain of service fees.
The RERA works hard to develop coordination between tenants, buyers, property developers and real estate investors. It also facilitates supporting sectors such as insurance, law firms, audit firms and banks to boost cooperation among them.
HLB HAMT Chartered Accountants is registered with the Dubai Land Department and Authorized Auditors of RERA. We always diligently work with RERA to support their vision and ensure that the HOAs and the developers strictly adhere to the authority’s regulations and procedures. We offer the services of Annual statutory audits, interim reviews, budget reviews, Service charge modelling, Escrow account audit and Unit balance verification (Rental Dispute Center) for the HOAs in the mainland of Dubai.
RERA Listed Owners Association Management Solutions Using SAP B1
We can help with data integration and syncing between RERA and your ERP application. Get all RERA-related services, such as requests for bank information and approval of service charge payments, in your office ERP systems, together with requests for land access, property groups, and more.
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