Why buying off-plan property in Dubai has become costlier…

Developers in Dubai are asking off-plan property buyers to pay the registration fee of 4 per cent of the contract value at the time of booking.

?We are asking investors to pay the title registration fee of 4 per cent of contract value, Oqood fee of Dh1,000 along with a knowledge fee of Dh20 at the time of property purchase as per the new regulation from Dubai Land Department DLD,? a developer told this website.

A buyer of off-plan property had to pay 4 per cent of the sales value, but could defer the fee payment at the time of resell or at handover.The new DLD regulation, the developer says, gives investors 30 days from the booking date to pay the above fees.Real estate agents confirm that developers are asking them to inform investors of the change with the payment being made through a manager?s cheque.