Home » Real Estate » Global Real Estate » Dubai sets deadline for buyers to register their property or face penalties
Dubai real estate

Dubai sets deadline for buyers to register their property or face penalties

The Dubai Land Department has set a deadline of June 30, 2015, for registration of all “sold” units in the emirate by property owners and failure to do so will result in penalties.

Dubai property owners will be penalized if they fail to meet a new deadline to register sales.

Developers have started to send a notice to all new unit owners, asking them to comply with the rules before June 1.

“Further to the notification received from the Government of Dubai Land department dated 19/03/2015 concerning “Registration of Real Estate Actions and Rights in Property Registry & Interim Real estate Registration, Payment of fees to the Department” – we seek your urgent action to complete registration of your unit(s) with Dubai Land Department (DLD) before June 1, 2015,” reads the notice sent by a Dubai-bourse listed developer to unit owners.

Emirates 24|7 reported earlier that buyers in “off plan” projects have to pay the registration fee of 4 per cent of the property price at the time of booking or within 30 days from purchase (either of the option depends on the developer). Earlier the buyer could defer the fee payment at the time of resell or at handover.

Those who have the title deed need not worry. What penalties or action will the land department take is still not known

DLD had doubled the property registration fee to 4 per cent from 2 per cent of the property value, starting October 2013. The new fee covers all property transactions in the emirate of Dubai except for the industrial sector, including warehouses.

Click here for requirement to facilitate unit registration

Leave a Reply

Your email address will not be published. Required fields are marked *