Mixed use developments incorporating hotel and residential features
Dubai is now familiar with the concept of Jointly Owned Property where developments are subdivided into Units, being the separately owned part of the development (for which the Owner will receive their title), and Common Areas, which are to be owned by all Owners in undivided shares and managed by the Owners Association.
Consider the shared systems and services in an integrated building such as this, including, fire systems, lifts, and the exterior. Consider also the levels of service and corresponding costs that a residential apartment building may find desirable compared to that required by a hotel.
Thankfully, many potential compromises will exist in order to balance these tensions for any development, the exact nature of which forms much of the focus of a lawyer’s craft. Of course individuals may disagree as to whether a fair compromise has been reached and for this reason it is important to emphasise (once again) the importance of developers clearly disclosing to all investors the compromise and structures chosen for their developments…
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