Real estate developer Sobha Group has announced it will waive the Dubai government’s 2 percent property registration fee for Emirati nationals for one day only, next week.
Additionally, Sobha Group will offer a special payment plan to Emiratis – which it claims are the second biggest group of investors in its projects.
The offer is valid on February 11 for Emirati off-plan investors in its Sobha Hartland residential development close to the Dubai Water Canal.
Under the deal, Emirati buyers will have the option of choosing from a range of studios, apartments, duplexes, villas or ‘quad’ homes near the canal, without having to pay the obligatory 2 percent fees.
Emiratis will also benefit from a special payment plan allowing them to pay 50 percent of the unit cost during construction, 10 percent on completion and 40 percent over a two-year period after handover.
Sobha Group said the offer was to “strengthen the relationship with Emirati investors”.
According to the latest investors report from Dubai Land Department (DLD), the total value of property investments recorded in Dubai for 2016 was AED259 billion ($70.5 million). The leading investors were UAE and other GCC nationals, the report said.
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