DIFC Authority issues Consultation Paper on proposed amendments to DIFC Real Property RegulationsPress Release 23 Jan 2014 08:59 am
Dubai International Financial Centre (DIFC) Authority has announced proposed amendments to the DIFC Real Property Regulations, for public consultation.
The proposed amendments to the Real Property Regulations will impact the freehold transfer fee, increasing it from 3.5 per cent to 6 per cent. This proposed change is in line with international benchmarking and addresses the International Monetary Fund’s (IMF) concerns about overinflated markets and endeavours to secure the long term stability of the DIFC property market.
The proposed DIFC Real Property Regulations have been posted for a period of 30 days public consultation with the deadline for providing comments ending on 22 February 2014. The DIFC Authority aims to incorporate relevant comments from organisations to further refine the legislative proposal and eventually proceed to adopt the changes to the DIFC Real Property Regulations.
Click here for a copy of the consultation paper and legislative proposal.