Today's Edition
ABU DHABI (ALETIHAD)
Abu Dhabi Real Estate Centre (ADREC), part of the Department of Municipalities and Transport – Abu Dhabi (DMT), has reported a 6 percent reduction in service and community charges for jointly owned property for owners and investors in Abu Dhabi's real estate sector in 2023, amounting to a total reduction of Dh39.7 million compared to 2022.
The centre also disclosed that the total value of budgets for jointly owned property development projects that received approvals until the end of the fourth quarter of 2023 reached Dh685 million.
ADREC indicated that the lowered fees incentivised investors and potential real estate buyers in Abu Dhabi. This initiative not only enhanced the attractiveness of real estate investments in the emirate, but also heightened the sector's competitiveness.
These reductions are anticipated to streamline property management, cut operational expenses, elevate returns on real estate investments, and uphold competitive pricing for homeowners in Abu Dhabi, both locally and regionally.
Service charges are used to cover the costs of managing and maintaining communal areas in property developments to sustain high living standards. Property owners must maintain their share of communal areas to avoid these fees, which require ADREC's approval for imposition on joint property owners in Abu Dhabi under DMT.
ADREC’s efforts align with their broader initiatives to elevate the living standards and sustainability in residential compounds for all residents of Abu Dhabi, encompassing citizens and expatriates, as well as aiming to enhance the overall quality of life in the emirate.
In 2020, DMT introduced a fee monitoring system to regulate service and community charges, fostering sustainable growth in Abu Dhabi's real estate sector.
This framework safeguards the rights of both owners and developers by ensuring fair pricing. It resulted in service charge reductions by 18.1 percent in 2020, by 8.3 percent in 2021, and by over 6 percent in 2022.
