In other words, what this means is they can no longer collect any service charges on behalf of property owners. Property owners — or approved property management companies acting on their behalf — will assume all such collection responsibilities.

Common Properties Law No. 6 (2019)

This forms one of the key changes of the Common Properties Law, No. 6 of 2019, which comes into effect on Tuesday (November 19).

The collected funds will go into the service accounts of seven - so far - approved banks. “From now on, homeowners get to see the breakup of each fil they have paid for the upkeep of their building’s common areas,” said Marwan Bin Ghalita, CEO of RERA.

“And they will not have to pay for any hike in service charges unless it has been vetted by RERA or its approved financial auditor.

“We believe the increased transparency of an electronic system and the audits will bring service charges in Dubai down.”

As of now, 10 financial auditors have been approved to handle the books operated by property manegement companies.