13th October 2010, Dubai,UAE.

Survey shows Dubai residents believe owners association will provide transparency, improve better value and services, but have little impact upon industry.

In a recent survey with Dubai residents by the research company Real Opinions, 50% believe that owners managing their own residential communities will give them better value for money and ultimately 56% agreed that this will result in improve services within these communities to better suit what they actually want.

Jim O'Hare, the chief executive of Place Community Managers who commissioned the study commented "These results are a strong endorsement of owner associations, but this is just the beginning of the challenge they face with the transition from developers to actually prove these beliefs. The research reflected this by showed approximately 1 in 3 still don't know what impact they will actually have".

This is in light of the decision by RERA in Dubai (Real Estate Regulatory Authority) for developers to register Owner Associations for their developments by 13th of October 2010.
Other questions asked show that 56% believe the transfer of these communities from developers to the owners will also increase the transparency in relation to the contentious question of actual fees charged to owners for the upkeep of their communities. There were just 16% disagreeing that it would increase transparency and 27% weren't sure either way.

Jim O'Hare added, "The recent statement by RERA CEO Marwan bin Ghalaita that the October 13th deadline for developers to comply with the April directions to register owner associations will be strictly enforced may just be the shot in the arm needed to drive not only the registration of them but also confidence in the property industry".

Despite the empowerment of property owners to form their own owners associations and perceived benefits, there was even greater uncertainly in terms of the impact this may have on the larger real estate industry. Just 23% believe this will encourage others to buy property while 46% were not sure. Encouragingly, 17% of those who presently don't own property intend to buy in the UAE, but they are cautious as 14% don't intend to do so in the next 12 months. This is compared to 8% who are presently trying to sell.

About Real Opinions
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