Real Heights Real Estate Broker

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Dubai: Four new regulations to be announced in March will give property owners in Dubai respite from rocketing service charges, the Real Estate Regulatory Authority (Rera) said on Tuesday.

Against the backdrop of falling property prices, some developers in Dubai recently hiked service charges, much to the dismay of residents.

Under the proposed new regulations, service charges for buildings that have been handed over are to be frozen at 2008 rates unless the current rates are less than 2008 rates or have been approved by Rera.

This freeze will last until the first general assembly of the Owner's Association is held. This is expected to be within three months of registration.