A powerful rumor circulates amongst property investors in Dubai. It spreads across the influential circles of money managers and prompts buyers to close deals as fast as they can.
In addition, real estate industry professionals have been alerted about upcoming changes in related to property sales fees with a circular issued by the Dubai Land Department urging them to finalize ongoing deals by the end of June.
Professional investors discuss between each other that they have heard the transfer fee on property sale will be increased to 8% from the current 4% of the price of the property, making the purchase of real estate costlier.
On the other hand, end-users hope that the transfer fee on property sales will be reduced to 2% as it was set until the end of 2013. Indeed, such a reduction of the fee structure will be welcomed by a larger number of expats who are planning to buy a home. In addition, it will make it easier for developers to sell larger volumes of homes.
There is also a possibility only the registration fee for off-plan property, Oqood, to be increased as a measure to cool down the off-plan property market and the countless launches of new projects in Dubai.
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