Dubai Multi Commodities Centre Authority organized seminar on Strata Law

The Dubai Multi Commodities Centre Authority (DMCCA), regulatory authority for DMCC free zone, has organized an in-depth seminar for real estate developers at Jumeirah Lake Towers aimed to increase the understanding and impact of the recently introduced Law on Ownership of Jointly Owned Properties commonly known as the Strata Law.

Ahmed bin Sulayem, Executive Chairman, DMCC, said, "The introduction of the Strata Law will further protect real estate investors and eradicate grey areas in the property market. By organizing a direct platform for developers to interact and ask questions, DMCC hopes to spread awareness about the law and its implications".

Strata Law came into effect on April 1, 2008 and relates to the ownership and management of jointly owned common property that includes shared facilities in Dubai's real estate developments, including parking areas, lifts, pools, gyms and gardens. The Strata Law vests ownership of common areas with property owners, allowing for the formation of owners associations to oversee and delegate the management of these areas.