In an attempt to add momentum to the property boom, the fee for land sales in Dubai will be reduced from 1.5 per cent to one per cent and cap placed on mortgage registration fee of Dh1.5 million.
The landmark decision was announced earlier this week by Land Department Director-General Sultan Butti bin Mejren, according to Khaleej Times.
The usual 0.25 per cent fee on mortgages will continue despite the new cap on registration fees, which are charged by the Government on developers when a mortgage is obtained.
Three new laws were also announced — Condominium, Trust Account and Owners' Association — aimed at giving more confidence to the market, while the Land Department, has published the first 'Freehold Property Guide' in association with Dubai-based Sterling Publication.
"Major developers have branded the areas such as Burj Dubai, which in our record still is Shaikh Zayed Road. And this is what has created a lot of confusion. Our guide will show the exact areas and lay down the procedure for registration," explained Mejren.
