Dubai Property Registration/Transfer Deadline Extended to October

Dubai Lands Department has rubbished rumours of up to 8% hike from 4%, if the earlier deadline of June 2015 was not meet with by property owners. It confirmed in a statement that real estate registration fees, currently set at 4%, will not be increased in the near future, and that it does not plan to raise the charges, which are collected from dealers to complete their real estate transactions. It further added that “it confuses buyers and needlessly compels them to speed up their purchasing decisions” and advised those in the market with an interest in selling property to follow professional methods on a competitive basis when promoting their properties, such as focusing on price and quality. The decision was seen as being instrumental in preventing speculators reap quick profits, and threatening the interests of investors and the market in general. The deadline extension for real estate developers and investors to register their properties in the Dubai Land Registry was up until the end of October 2015.