Register your Dubai property before June 30 or face penalties

May 21st, 2015

Property registration fee now stands at 4% of property value

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, Emirates 24|7 can reveal.

Developers have started to send the notice to all unit owners, asking them to comply with the new rules before June 1, 2015.

“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.

It adds: “As mandated by DLD all sold units require to be registered before June 30, 2015, and failure to comply, will attract action & penalties.”

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.

“There are still a number of unit owners who haven’t paid the registration fee to the DLD… ones those who have failed to register at the time when the registration fee was at 2 per cent,” said a senior executive with a top development company on conditions of anonymity.

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

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.

However, developers do mention those units owners who have fulfilled their obligations are require to send a scanned copy of title deed.

The following documents are required to facilitate unit registration:

* Valid current passport copy

* Valid Emirates ID copy

* Non residents need to provide valid national ID copy

* Sale and purchase agreement of unit and parking particulars

* Copy of Power of Attorney and passport copy (if applicable)

* Company documents (valid trade license, passport copy)

* Original clearance letter from the facility management company

* In case of mortgaged units, bank/finance company offer letter addressed to DLD

Fees: (charges are subject to change as per DLD guidelines)

#Freehold (Completed project):

Managers cheque to DLD: 4 per cent on original price of unit and parking + knowledge fee (Dh540)

Additional fee: Dh502 (towards Emirates Real Estate Solutions)

#Freehold – payment plan for unit (delayed sale)

Managers cheque to DLD: 4 per cent on original price of unit and parking + knowledge fee (Dh20)

Additional fee: Dh502 (towards Emirates Real Estate Solutions)

#Leasehold (Completed project)::

Managers cheque to DLD: 4 per cent on original price of unit and parking + knowledge fee (Dh530)

Additional fee: Dh502 (towards Emirates Real Estate Solutions)

#Leasehold – payment plan for unit (Delayed Sale)

Managers cheque to DLD: 4 per cent on original price of unit and parking + knowledge fee (Dh20)

Additional fee: Dh502 (towards Emirates Real Estate Solutions)

#Freehold (Under-Construction project):

*Interim Registration

Managers cheque to DLD: 4 per cent on original price of unit and parking + knowledge fee (Dh20)

Managers cheque to DLD: Dh1,000 (Oqood registration)

#Mortgage fee:

Managers cheque to DLD:  0.25 per cent on mortgaged value + DLD fee Dh10

#Completion of Delayed Sale:

Managers cheque to DLD: Dh520

Developer fee: Dh502 (towards Emirates Real Estate Solutions)

Source: Emirates 24/7

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Emaar picks London for 2015 first tower launch

January 19th, 2015

emaar two towers

Emaar Properties, Dubai’s largest property developer, is set to commence sales for its first towers of 2015 on January 24, which are the remaining two towers of the six-tower Dubai Creek Residences.

The launch of the towers, part of the multi-billion-dollar Dubai Creek Harbor at The Lagoons master development, will be simultaneously in Dubai, Abu Dhabi and London.

The two towers will be 30- and 35-storeys high, with units ranging between 880 and 2,154 square feet.

Dubai Creek Harbor at The Lagoons is a joint venture between Emaar and Dubai Holding.

In November 2014, Emirates 24|7 reported that developers had not increased launch prices of the units and were selling units facing the Creek for Dh1,850 per square feet (psf) and ones not facing the Creek at Dh1,400 psf.

Dubai Creek Residences cluster comprises six towers, in Dubai Creek Harbour at The Lagoons, which will house 3,664 office units, eight million square feet of retail space, 39,000 residential units and 22 hotels with 4,400 rooms. The centerpiece will be the Dubai Twin Towers, the tallest twin towers in the world, but no announcement has been made of its launch.

Source: Emirates 24/7

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Buying Dubai property cheaper than renting?

January 12th, 2015

Buyer has to pay 25% in cash, 4% in DLD charges, 2% agent fee

View from Burj Khalifa in Dubai

UAE-based company suggests time may be ripe for renters in Dubai to become homeowners. (Patrick Castillo)

Buying a property or renting one is a personal decision, but a new research by a UAE-based company suggests that time may be ripe for renters in Dubai to become homeowners.

“Our analysis reveals that many tenants may now be able to purchase a property similar to the one they are renting at a lower monthly cost. This appears to be particularly the case for lower cost starter type home,” says Declan King, Director & Group Head – Real Estate, ValuStrat.

He believes stabilisation in residential sales prices during the second half of 2014, along with continued increases in rental rates during the same period has brought about a scenario where it is now cheaper to pay a mortgage then equivalent rent

Their analysis of properties worth Dh1.57 million or less in freehold locations revealed monthly costs as follows:

Two assumptions for the analysis are annual lease on un-furnished basis and  75 per cent loan-to-values, 25 year loan term and 4.25 per cent interest rate…read more

Source: Emirates 24/7

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