Last day to save 2% on property transfer fees

Nakheel kept its doors open till midnight on Wednesday

Developers in Dubai witnessed an unprecedented rush when customers sought to get registration documents on Wednesday so that they can complete the entire process with the Dubai Land Department on Thursday (today), which is the last working day before transfer fees are hiked to 4 per cent from October 6 (Sunday).

Nakheel, a Dubai-based developer, kept its office open till midnight on Wednesday to provide customers with registration documents, as today (Thursday) is the last day for investors to save 2 per cent on transfer fees.

“We decided to keep our office open till midnight on Wednesday to meet the customers requests. The numbers swelled to almost eight to 10 times more than we usually get,” a company spokesperson told Emirates 24|7.

According to industry sources, Emaar Properties and Deyaar Development offices were flooded with customer requests.

As informed earlier, some registration trustees will also be keeping their offices open till 10 pm to allow investors to register their transfer today.

This website had earlier reported that developers were working extended hours to cope with customer rush, who are seeking no-objection certificates and registration documents to complete the transfer of their properties.

On Sunday, the total real estate transactions had touched Dh5.1 billion at the Dubai Land Department.

The new registration fee, effective October 6, covers all property transactions in the emirate of Dubai except for the industrial sector, including warehouses.

Dubai Land Department’s Director-General Sultan Butti bin Mejren said: “The move is aimed to stop quick transactions (flipping), which is unhealthy for the market and results in sudden price increases.

“The decision has come at the right time. The market has matured and investor confidence is growing. The move is not likely to have any negative impact.”

Source: emirates247

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