Post by : Badri Ariffin

In a landmark decision, the Dubai Land Department (DLD) has approved the implementation of the initial three-year fixed service fees for the Palm Jumeirah Master community. This groundbreaking initiative enables management firms to establish and submit budgets over multiple years via the enhanced ‘Mollak’ system, while still offering the choice to maintain the conventional one-year model for those who prefer it.

The primary goal of this initiative is to provide stability in service fees and to bolster long-term financial planning for jointly owned properties (JOPs). By enabling management companies to form multi-year operational contracts with service providers, this move fosters increased certainty for residents, property owners, and investors, while also promoting a clearer and more efficient community management structure.

With the enhancements made to the ‘Mollak’ platform, including integrated digital data, streamlined documentation, and simplified verification processes, the initiative aims to minimize administrative burdens, expedite approvals, and ensure the maintenance of high-quality service across communities.

This significant milestone is part of a comprehensive strategy aimed at evolving Dubai’s community management ecosystem. Through structured financial planning, DLD hopes to improve the stability of service fees, facilitate better operational decisions, and boost overall market resilience.

The Palm Jumeirah Master community is the first to adopt this innovative three-year budgeting framework, marking a strategic advancement in how communities throughout Dubai tackle long-term financial management. This new system also highlights Dubai’s dedication to innovation in real estate supervision, ensuring that residents and investors benefit from predictable, transparent, and efficient services.

#Global News #Dubai #UAE News