Abu Dhabi: Service fees for owners of real estate units and investors in development projects were reduced by 26.4 per cent during 2020 and 2021, it was revealed on Tuesday.
In 2020, the service charges were reduced by 18.1 per cent, with another 8.3 per cent reduction introduced in 2021, the Department of Municipalities and Transport said.
The reduction in service charges led to property owners and investors saving over Dh200 million in 2020-2021.
Dr. Adeeb Al Afifi, executive director of the real estate sector at DMT emphasised that last year’s implementation of the budget and service fee approval process had a significant influence on serving and protecting the interests of real estate investors and individual owners.
DMT also 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.
“Our goal is to provide clear regulatory systems that will increase real estate sector transparency and ensure adherence to legislation established in accordance with the highest international standards in this industry,” he said.
