DIFC Authority Revises Freehold Transfer Fee in Line with Market TrendsPress Release 24 Mar 2014 08:45 am
Dubai – 24 March 2014: The DIFC Authority announces a revised Freehold Transfer Fee from 3.5% to 5%. This increase follows the publication of Consultation Paper No. 1 of 2014, in which the DIFC Authority proposed amendments to its Real Property Regulations relating to an increase of its Freehold Transfer Fee. The original proposal was to increase the Freehold Transfer Fee from 3.5% to 6%, however, in light of the comments received, the increase has been revised downwards to 5%.
The amendments to the Real Property Regulations will come into effect on Tuesday 01 April 2014, thereby allowing one week grace period for relevant parties to register their freehold transfers at the current rate of 3.5%.
This change is in line with market trends and address the International Monetary Fund’s (IMF) concerns about overinflated markets and endeavour to secure the long term stability of the DIFC property Market.