Dubai PR Network, Online Press Release from Dubai and Middle East
 
Real Estate and Construction
Filter PR by
  
Department of Municipalities and Transport Reports 6% Reduction in Service Fees for Real Estate Development Project Service Charges in 2022

Abu Dhabi, 15 March 2023: The Department of Municipalities and Transport (DMT) have revealed that service fees for real estate units’ owners and investors in development projects were reduced by 6% during 2022. The reduction in service charges led to property owners and investors saving over AED37.2 million in 2022. 
DMT also announced that 319 of the total development project service and maintenance charges have been approved in 2022, and the total sum of these service charge budgets are approved as of December 31, 2022, amounting to AED722.6 million. 


Dr. Adeeb Al Afifi, Executive Director of the Real Estate Sector at DMT, said: “The reduction in service fees for real estate units’ owners and investors in development projects will work towards enhancing the attractiveness of real estate investment in the emirate. It will also help owners manage their real estate in a more effective and efficient manner, while lowering their operating costs and increasing the returns on their investments, as well as reducing the cost of owning a home in Abu Dhabi, keeping costs at competitive levels locally and regionally.


“The procedure is part of the DMT’s efforts aiming at further improving the standards of living for citizens and residents in Abu Dhabi by reinforcing sustainability and welfare levels in the residential and housing units”.


DMT introduced a comprehensive mechanism to monitor and regulate residential units' service charges in 2020. The regulation supports the sustainable growth of the real estate market and protects both owners and developers by establishing a clear framework on how these charges will be priced. The service fees were reduced in 2020 by 18.1%, and by 8.3% in 2021, with the value of the reduction exceeding AED200 million. 


Service fees are used to cover the expenses of common areas to preserve the quality, cleanliness and security of the real estate units and the long-term value of the assets. No unit owner may relinquish their share in the common areas to avoid payment of their share of the service fee, nor may the owner be charged for the management, operation, maintenance, and repair of the common areas until they have been approved by the Department of Municipalities and Transport. 

 


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 31603 times
PR Category : Real Estate and Construction
Posted on : Monday, September 11, 2023  12:00:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Embrace the “Ramadan Feeling” at GMG's Food Retail Stores th...
Next Story : Enjoy a more Wonderful Ramadan at Global Village
Email this article Print this article

Share this article with your friends and followers
NewsVine
 
 
Most Viewed Press Release posted in the last 7 days
CASIO celebrates 50-year-long watchmaking heritage with exclusive anniversary collection [15067-Views]
Drive home happiness this winter at Arabian Center. Win Jetour X70 Plus or X50 Premium car... [13796-Views]
Top International and Regional Riders to Return to Abu Dhabi for 12th FBMA International S... [13690-Views]
ADNEC Group Announces Collaboration with Tawazun Council as Strategic Partner for IDEX and... [12062-Views]
Abu Dhabi Stem Cells Center Achieves UAE's First Testicular Cryopreservation for Young Pat... [11177-Views]
Etihad opens dedicated u.s. preclearance lounge at zayed international airport [10869-Views]
Emirates College for Advanced Education enhances efforts to empower educators to shape the... [10775-Views]
Abu Dhabi Stem Cells Center Performs Testicular Cryopreservation for 4 Young Boys Prior to... [10172-Views]
SHOOTING ON WFP CONVOY IN GAZA [8106-Views]
E& Motb: Dubai's Ultimate Outdoor Experience Is Back, Bigger, And Bolder Than Ever For Its... [7618-Views]
Maserati celebrates 110 years of Italian Luxury all over the world [7446-Views]
Space42's Thuraya 4 Satellite Successfully Launched Into Orbit [7077-Views]
Emirates to introduce additional flights to and from Colombo [6621-Views]
Aramex slashes customs processing time by half through revolutionary partnership with Duba... [6277-Views]
e& sets new Guinness World Record for flying the largest banner in a skydiving freefall [5736-Views]
His Excellency Sheikh Nahayan bin Mabarak Al Nahyan honors winner of Longines Grand Prix t... [5699-Views]
du announces Diamond Sponsorship of GDRFA's New Year initiative [5326-Views]
Dubai Art Season 2025 Returns With Exciting Creative Experiences [4949-Views]
DIRTOPIA, the ultimate dirt challenge for mountain bikers and trail runners lands in Dubai [4924-Views]
Must-Watch Movies to Kickstart the New Year on Asianet ME [4854-Views]
DAE Announces Full Year 2024 Business and Operational Highlights DAE Capital acquired 83 a... [4805-Views]
Hamdan Bin Rashid Al Maktoum Foundation Announces Innovators 2024 Competition Results [4789-Views]
Kuwait, Bahrain to welcome Emirates A350 on 8 January [4403-Views]
The Emirates A350 officially takes flight to its first destination, Edinburgh [4321-Views]
Dubai Land Department launches ‘Smart Rental Index 2025' [4202-Views]
 
RSS Facebook Twitter LinkedDin DubaiPRNetwork.com on Instagram
 
Back to Section Home

Related Stories

 
Top Sections
 
Top Stories