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News: Fee change boost for Dubai

Tue, 01 May 07

Changes to the fee system in the Dubai property market have been announced and will support the momentum that the sector has experienced, reports claim...

The Dubai Land Department announced that it would reduce the registration fee for land sales, which is charged to buyers, from 1.5 per cent to one per cent.

Mortgage registration fees, which are charged to developers when a mortgage is obtained, have been capped at 1.5 million dirhams (£266,270), the Khaleej Times reports.

As well as the fee changes, there have also been three new laws introduced to the Dubai property market, which are designed to instil more trust and confidence in the sector and will come into effect in the coming months.

A 168-page guide has also been published to fully inform both buyers and sellers of the details relating to registration for property transactions as well as mortgages.

"Our guide will show the exact areas and lay down the procedure for registration," said Sultan Bitti bin Mejren, director general of the land department.

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