By Staff writer
Sultan Butti Bin Mejren dismisses rumours that fees paid on real estate transactions will be increasing from 4-8%
Dubai Land Department has rejected rumours that it is planning to increase real estate registration fees which are currently fixed at 4 percent.
The authority also said in a statement released on Monday that it does not plan to raise the charges in the near future.
Dubai announced in September 2013 that it would double the registration fee charged on real estate transactions to 4 percent to prevent excessive speculation.
Sultan Butti Bin Mejren, director general of Dubai Land Department, said: "A number of market players are talking about alleged reports that Dubai Land Department will be increasing real estate registration fees from 4-8 percent. This is a baseless rumour and only serves to encourage the return of speculation. It confuses buyers and needlessly compels them to speed up their purchasing decisions."
Bin Mejren added that the real estate market in Dubai is stable and is enjoying sustainable growth, meaning that there is no requirement to revisit the fees in the near future.
The decision to increase the fees in September 2013 was seen as being instrumental in preventing speculators reap quick profits and threatening the interests of investors and the market in general.