Completing a Dubai Property
Completing a Dubai property has become something of an issue of late. The Dubai Land Department decided in 2013 to raise the Dubai Property Registration Fee from 2% to 4%. Developers, many of whom had not been in contact with purchasers in nearly a decade, suddenly had to start sending out emails asking Dubai property owners to comply with the deadline of June 31st 2015 (subsequently put back to October 31st 2015).
This meant that property buyers from 2002 to 2008, many of whom thought they were never going to receive a property, now had to invest further money in a property they had probably written off as never going to materialise.
The good news is that many of the projects planned before 2008 are now beginning to materialise. Property prices recovered somewhat from 2009 to 2013 (although they’ve not fared as well since – see here) which led a number of developers to begin building. Quite a few of these properties are now coming due for completion – hence our post on completing a Dubai property.
For those who wish to purchase a property in Dubai, completing a Dubai property is not an issue. Just maintain your payments and on completion you’ll own it.
For those who do not wish to complete on their Dubai property or those not in a position to do so at the moment there are different issues.
Here at SellDubai.co.uk we have a large Dubai database of end users, landlords, investors and institutional property buyers looking to make an offer on your Dubai property right now. You can list your property with a local agent but it could be on the market for many months, if not years. If you wish to sell your property quickly then SellDubai.co.uk may be able to offer you alternative options. Contact us now on info@SellDubai.co.uk.