Leading experts from real estate industry discussed ways to keep communities and buildings well maintained at all times and issues related to ‘Property Service Charges’ during a recent webinar organised by UAE developer Falconcity of Wonders.
The popular ‘Experts Talk Show’ webinar series by Falconcity of Wonders hosted its fifth webinar episode featuring invited industry experts who shared insights and recommendations related to ‘Property Service Charges.’
The latest episode featured leading industry personalities such as Alharith Almoosa, Vice Chairman, Falconcity of Wonders, Jeevan D’Mello, CEO of Zenesis Corp; Stephen J. Kelly, a partner based in Dechert’s Dubai office; and Jassim Al Bastaki, an economic affairs researcher, who moderated the session.
Almoosa said, “We were very excited about the latest edition of the ‘Experts Talk Show’ series, which discussed how we are all responsible for keeping communities clean and well maintained. Today, buyers are looking at service charges as an imortant factor in buying or keeping properties in good shape.”
“The episode discussed initiatives that are being undertaken by the concerned authorities to cope with the unprecedented global circumstances and continue supporting this sector. We were also able to shed light on how property service charges match with the current housing market prices,” he added.
D’Mello said: “What most aspiring homeowners don’t know is that service charges are necessary to ensure the upkeep of properties. It is the cost that is needed to run a building and is not dependent on the price of the property or fluctuations in rents. Therefore, it is each homeowner’s responsibility to contribute to the upkeep and wellbeing of the community.”
Kelly stated: “Service charges cover the cost of running a community including its facilities and are levied based on an annual budget. This means, these charges are payable even if no one uses the facilities as the costs of maintenance and operation of the facilities continue regardless of whether they are being used or not. Applicable service charges for each unit are in accordance with a participation quota or unit entitlement, which means the annual cost is a ratio of the unit’s size to the aggregate of the size of all the units.”