In October last year, the Dubai Land Department (DLD) had hiked the Property Registration fees from 2% to 4%. The objective behind this was to curb flipping of off plan projects. When the new charges were rolled out initially, there was a lot of noise and resistance, but naturally. However, statistics reveal that the Dubai Land Department was successful to a certain extent in their attempt to stabilize the real estate market.
However, with speculations once again on the current property bubble in Dubai, investors of off plan properties should fasten their seatbelts and get ready for additional charges.
DLD has not issued any official statement as yet giving details of the charges. However, in the coming few months, as we have more clarity, we shall certainly let our readers know.