Sultan Butti Bin Mejren, Dubai Land Department DG, says any such move, if contemplated, will be done with total transparency
There is no intention to hike property registration fees in Dubai, Sultan Butti Bin Mejren, Director General of the Dubai Land Department said in an interview with ‘Al Khaleej’ newspaper.
Bin Mejren’s remarks come in response to a recent report by the International Monetary Fund (IMF) about additional measures to protect the real estate market, including increased registration fees.
He added if there was any intention in that regard it would be in consultation with the relevant authorities and will be treated with absolute transparency.
Bin Mejren added that the real estate market is stable and appears very healthy, ruling out the existence of any risk that may reduce rates of growth and prosperity.
He attributed this to several factors, the most important being the recovery of real demand for the various types and categories of units by investors and tenants.
Registration fees were raised from 2 per cent to 4 per cent and were effective on all registered real estate sales from the October 6, 2013.
According to the Al Khaleej report, real estate registration fees in Britain range between 4 and 15 per cent, compared to 5 and 10 per cent in Malaysia. It is 6 per cent in France, 8.5 per cent in Japan and in India it is 7.3 per cent.
Originally published on www.zawya.com