DIFC announces changes to Real Property Regulations

The Dubai International Financial Centre (DIFC), the financial and business gateway between the Middle East, Africa and South Asia region (MEASA) and the world, today announced a series of changes to its Real Property Regulations (RPR).

The changes made by the DIFC Authority, which came into effect on 10 October 2010, include amendments to the definition of “Freehold Transaction” intended to bring further clarity plus expansion of the circumstances where a freehold transfer fee is not payable.

The changes followed a consultation with the Legislative Committee of the DIFC Authority (DIFCA) and came into effect after they have been approved by the DIFCA Board of Directors on 10 October 2010.