Dubai Lands Department increase Registration Fee 2013
It has now been confirmed that the new land department registration fee will increase to 4% on the 6th October.
It looks as though this will be enforced on the said date although there are plenty of agents lobbying for an extension to the timescales.
The idea is to cool a market that has shown no signs of slowing down in 2013. With 30% plus increases in values this year it is clear to see why the dubai lands department have introduced such a measure. Will it work? I am not convinced that it will have the desired effect. After all we are talking about a market that has increased by 30 % already so an extra 2% shouldn't make too much difference to eager buyers keen to invest into an emirate with a healthy GDP and other strong fundamentals.
There are other measures that could also be implemented if this action does not have the desired effect and it will be interesting to see what happens over the next few months as these are traditionally our busiest times of the year.
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