Fee was doubled in October from 2 per cent to 4 per cent
Dubai has no plans to raise property registration fees again after they were doubled in October in a bid to curb speculation, an official was quoted on Monday as saying.
Sultan Butti bin Mejrin, director general of the Land Department, was reacting to stock market rumors that the fees would be raised in February by 50 per cent to six per cent.
“There are no plans to increase registration fees in the next period,” he said, quoted by the Arabic language daily Alkhaleej.
In October, the Department doubled fees to four from two per cent in a bid to prevent speculation caused by what the paper described as “quick low-profit deals.”
Alkaleej quoted a Department official as saying that despite the recent increase, property registration fees in Dubai remained among the lowest in the world. They range between four and 15 per cent in Britain, six per cent in France, 5.8 per cent in Japan, 5-15 per cent in Malaysia and an average nine per cent in the Middle East.
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