Professionally executed strata and facilities management will enhance quality of life and investor confidence, thus providing more stability to the region’s real estate market, according to CEO of BCS Strata Management Services Peter Crogan.

Speaking on the ‘Benefits from the Relationship between Owner’s Associations, Strata Management & Facilities Management’ at the Facilities Management Conference, Crogan noted that the property market in the region has entered a phase of proper regulatory frameworks and asset management protocols.

“The initial phase of the property boom in this region saw a high volume of investment flowing in and extensive and spectacular developments being launched.  The sustainability of those investments and buildings is the key question now and this can only be guaranteed by the professional management of assets,” said Crogan.

Since strata management covers all common facilities shared by owners and occupiers such as parking, fire services, air conditioning, lifts, pools, gyms, walkways, gardens and other common property, this area of service is vital to maintaining a high quality living environment, the health and well-being of residents, as well as cordial stakeholder relations, explained Crogan.

Dubai is expected to launch a strata law in the near future, as part of streamlining the local real estate market and adopting international best practices.

“Professional strata & facilities management services, administered through legally constituted Owners Associations, will help protect the value of buildings and the living environment for the benefit of developers, investors, building owners and residents, thus contributing to a more organized and sustainable property market,” Crogan added.

BCS Strata Management Services is a joint venture between local developer National Properties and the Prudential Investment Company of Australia (PICA). BCS, the strata management arm of PICA. is the seventh largest in the world and the largest in Australia. – TradeArabia News Service