Dubai property owners will be penalised if they fail to meet a new deadline to register sales, Emirates 24/7 reported. The Dubai Land Department (DLD) has set a deadline of June 30 for property owners to register newly sold units in the emirate.
Developers have started to send a notice to all new unit owners, asking them to comply with the rules before June 1.
“As mandated by the DLD, all sold units require to be registered before June 30 2015, and failure to comply will attract action and penalties.”
The website sets out the fees required for registration of different types of properties, but does not specify how much owners will be fined if they fail to comply.
It said buyers of ‘off-plan’ projects have to pay a registration fee of four percent of the property price – up from two percent before October 2013 – at the time of booking or within 30 days from purchase, depending on the developer.