To: Real Estate companies practicing the activity of administrative supervision services for owners' associations
Subject: Regulation of Joint Property Management Companies
With reference to:
- Dubai Law No. 6 of 2019 Concerning Ownership of Jointly Owned Real Property in the Emirate of Dubai,
- Dubai Law No. 4 of 2019 Concerning the Real Estate Regulatory Agency (RERA) in the Emirate of Dubai, and
within the framework of RERA's role in regulating the real estate sector in Dubai, and in order to establish regulations governing joint real estate management companies and raise the competence of the employees of these companies,
RERA issues the following circular:
All joint property management companies shall comply with the following:
1. Registration of the license and employees involved in the management of joint real estate in the Mollak system.
2. Registration of all the joint properties managed by the company in the Mollak system.
3. A special account for the service charges and usage allowance fees for shared properties shall be opened at a bank approved by RERA through the Mollak system.
4. Enterin...