Buying and selling property always comes with certain legal issues, the complexity of which depends on the country. In Dubai everything is quite simple in this regard, but when conducting real estate transaction it still is better to turn for professional advice.
As imexre.com has previously mentioned, the first step DLD made in real estate market regulating was doubling the registration fee from 2 to 4% in October 2013. However, Dubai authorities refused to further increase the fee, and today real estate registration fee in Dubai is one of the lowest in the world. Nevertheless, many investors, who have bought real estate property in Dubai, still didn’t get their property registration, thus the Department decided to double the fee for violators. That is, those who still haven’t paid a fee of 4% will have to pay 8% of the transaction cost. The previous deadline for the payment referred to October 31, 2015, but today all the deadlines have passed.
International experience shows that countries facing an uncontrolled boom in the real estate market often raise various fees associated with property transactions several times, in order to stabilize the situation. At the same time the size of fees may be adjusted according to various factors that hinder speculation, such as the period of the property owning before its resale, the buyer’s nationality, the intended use of the purchased property for own accommodation or for investing. As a result, in some countries, such as Singapore, registration fee can be up to 30% of the property cost in case of its too fast resale.
In order not to be trapped with real estate registration issues in Dubai it is better to turn to professionals. Many people know there is no real estate tax in Dubai, and it's true, but for the real estate transactions, however, the broker has to be licensed with the appropriate authorities. IMEX Real Estate experts are ready to give you all necessary legal assistance in this regard. Our Seller’s Guide and Buyer's Guidewill help you solve all the questions related to the real estate acquisition and sale in Dubai, but if you still will have any questions, IMEX Real Estate are pros are always there to help.