The Dubai Land Department announced the doubling of the property registration fee to 4 per cent from 2 per cent.
The new registration fees cover all property transactions in the emirate of Dubai except for the industrial sector, including warehouses. The move is aimed to stop quick transactions (flipping) which are unhealthy for the market and result in sudden price increases.
Asper the decree, the fee will be split 2 per cent each between the buyer and seller. Although the previous law did specify one per cent each for the seller and buyer, in practice the buyer always paid the two per cent. Mortgage registration fees remain same at 0.25 per cent of the mortgage value to encourage end-users.
