Landmark Creates New Management Division

Landmark Properties on Sunday announced the creation of a new property management division in order to hone their business towards addressing customer needs. The move is intended to make Landmark Properties a go-between between landlords and tenants, to facilitate all communication relating to the management and leasing of a property. Our clients approached us requesting this service as they either did not have time to closely manage their properties, or they felt they did not have the expertise on all aspects regarding the maintenance of their properties.," said Cliff Kelaita, chairman and chief executive. "With the new Ejari legislation implemented at the beginning of the year, our clients want to make sure their new contracts are in line with the law. According to the Ejari law which came into effect on 1 January, all rental contracts in Dubai must be registered and standardised.

Dubai's Real Estate Regulatory Authority (Rera) has stepped up its campaign to render the sector more transparent and secure. A new rental index is scheduled to come out in April, according to Rera officials, after all the new tenancy contracts have been signed for the current year and registered. Landmark's property management division is also keen to tap into opportunities in the corporate tenancy business, offering full buildings for company staff. According to a company statement, there is a growing demand from corporates to cut costs on relocation budgets. We found that some of the big proponents of this service were corporations who approached us to save them money. They found that by leasing out full buildings for their staff, they could greatly cut their costs," Kelaita said. Dubai's real estate market has experienced some of the most destabilising effects of the global slowdown, with prices seemingly in freefall in some areas, and several high profile projects either delayed or scrapped altogether. At the same time, the exit of short-sighted gainers from the local market has set in motion a long overdue price correction, as well as forced developers and property agents to reassess strategies to retain customers.