Recent property buyers in Dubai caught between rock and hard place

Sellers insist that these buyers should stick to the market norm of paying the registration charges in full

Dubai: With property registration charges doubled to four per cent from October 6, buyers involved in recent transactions are suddenly dealing with a funding crunch they never anticipated.

Sellers insist that these buyers should stick to the market norm of paying the registration charges in full, even though the Dubai Land Department regulations clearly state that these should be borne equally by buyer and seller.

“An unseemly tug-of-war has broken out in those transactions where the buyer does not have immediate access to the additional funds and the time limit on their mortgage applications is ticking away,” said a property agent. “It leaves affected buyers between a rock and a hard place while sellers hold all the aces.

“The only solution would have been for the authorities to extend the period before which the hike came into effect.

Source:  gulfnews

 

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.