Dubai Land Dept to double transfer fees

Dubai Land Department is set to double the transfer fees on property sales, Arabian Business has learned.

The fees will rise from 2 percent to 4 percent of the sale price for all properties, except the first direct sale from a developer to buyer, which will remain at 2 per cent. It is understood that an official announcement on the change could come as early as this weekend.

?[The] idea is to curb flipping. It?s a good move. Keeps end users and longer term investors in the game,? a well regarded Dubai developer told Arabian Business, adding: ?Gets rid of brokers who put down checks [sic] against properties hoping to find buyers quickly.?

By law, the property transfer fee is paid equally by both buyer and seller, but industry spokespeople said in practice, the buyer usually ended up paying the full amount.

via Dubai Land Dept to double transfer fees – Property –