Marwan Bin Ghalita, RERA chief executive, said the authority has received a large number of complaints. 'Master developers have been increasing service charges and not being transparent about the amount while selling properties,' he said.
RERA is currently in the middle of bringing out new regulations covering service charges. Under Strata Law No 27, 2008, there will be a single formula for developers to follow when calculating service charges.
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A new report by HSBC has found that Dubai property prices fell 23% last month from their record high in September. Prices for Dubai villas fell 30%, while the price tags for Dubai apartments were 20% lower than their September peak, the report said. It was the first time that a survey measured actual prices at which properties were bought and sold.
Dubai Property
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