Dubai will help property owners with payment of housing and utility bills
Dubai will help property owners with payment of housing and utility bills
The Dubai Land Department has launched the 'Tayseer' initiative to support property owners with service charge arrears by offering flexible payment terms in collaboration with management companies.
Dubai authorities announced the launch of the 'Tayseer' initiative, developed by the Dubai Land Department (DLD) through its arm, the Real Estate Regulatory Agency (RERA). The program aims to help property owners with overdue service charge payments. Under the initiative, owners are given an opportunity to settle debts with installments of at least six months with the help of joint ownership management companies (JOPs).
The measure is aimed at reducing the financial burden on owners, improving their quality of life and enhancing the sustainability of the real estate sector, the department said.
The initiative was launched after a meeting with representatives of management companies, during which the parties agreed on a two-month registration period for the program. The management companies also pledged not to initiate foreclosures for the duration of the agreement.
Currently, 19 management companies have joined the initiative, which emphasizes the industry's high level of readiness to support owners and ensure financial stability in residential communities.
Mohammed Ali Al Badwawi, Acting CEO of RERA, said the initiative reflects the authority's commitment to developing a sustainable and balanced real estate market:
“We continue to launch effective initiatives that are fit for the times and help build investor and owner confidence.”
The Tayseer initiative has been an important step in supporting property owners in Dubai by offering flexible service charge payment terms and contributing to the financial stability of the sector. The involvement of management companies and government support demonstrates a commitment to sustainable urban community development.
