Dubai Land Department chief defends 4% transfer fees

The total amount of real estate transactions in Dubai has crossed Dh101 billion since the beginning of 2014, according to Dubai Land Department (DLD).

?Nearly 26,645 transactions worth a total of Dh101 billion in the Dubai real estate market since the beginning of 2014. The marked attracted a total of 16,743 investors,?.

Talking about the 4 per cent transfer fee, Bin Mejren said that the fee was ?still less than many fees imposed by 110 countries worldwide.?

In Britain, the fees range from 4 to 15 per cent, Malaysia between 5 and 10 per cent, France 6 per cent, Japan 5.8 per cent, India 7.3 per cent, Pakistan 7.8 per cent and the countries of the Middle East and North Africa 6.9 per cent.

The fees were increased in October last year with the aim to stop flipping in the market.

?Dubai has become a global player and therefore fees for providing services have to be on a par with the city?s growth and development,? he added.