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New Dubai law bars developers from collecting service fees

Dubai Skyline

Mollak, an electronic platform for tenants and home owners, is on track to record Dh4 billion. Dubai developers are no longer allowed to collect service charges from property owners as a new law comes into effect removing developers from setting charges or collecting funds. Developers have only a month left to start invoicing all service…

Emaar Development records Dh2b plus profit in Dubai

Dubai views

Its sales backlog now stands at Dh36b, boosted by a further 19 launches this year Dubai: Emaar Development recorded slight dips in nine-month net profit and revenues — at Dh2.07 billion and Dh9.62 billion — from a year ago. The corresponding numbers for 2018 were Dh2.5 billion and Dh10 billion. In the third quarter, net…

Dubai announces 10 ‘ethical’ principles for real estate companies

Dubai Skyscrapers surround the Old Town Island residential area

Dubai’s Real Estate Regulatory Agency (RERA) announced 10 core ethics, real estate companies must follow while operating in Dubai. The list of principles released by RERA, part of Dubai Land Department (DLD), will help maintain Dubai’s status as a global investment haven, a statement said. The real estate principles include: – Trust: Real estate companies must…