Dubai's Real Estate Regulatory Authority (RERA) has approved more than 150 homeowner associations, it has been revealed.
Marwan Bin Ghalaita, chief executive officer of RERA, disclosed the figure in an interview with Arabian Business.
Under present law, registered homeowner associations have the power to recover service fees from owners who default on payments while homeowners are also not able to transfer the deeds of their property until any outstanding service fees are settled.
According to Arabian Business, such registered associations mainly exist in the new areas of Dubai such as the marina, Jumeirah Lakes Towers, Old Town and The Palm Jumeirah.
"They are in place, the board is there [and] they are … in charge now of deciding how much fees need to be collected, how the common area needs to be managed," said Mr Ghalaita.
The news follows comments by property management company Asteco, which recently stated that an increased supply of high quality, affordable accommodation, particularly in the apartment sector, provided the catalyst for considerable tenant movement across Dubai in the fourth quarter of 2010.