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Source: Economy Middle East
Published on 11/22/2024

Dubai Introduces New Mortgage Fee and Extends Off-Plan Property Registration Period

DIFC Updates Laws with a New 0.25% Mortgage Fee and 30 to 60-Days Off-Plan Registration

Dubai's International Financial Court (DIFC) has updated its laws including changes to the DIFC Real Property Law. A new 0.25% mortgage registration fee will be charged on the value of the mortgage when registering property.

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Additionally, the registration period for off-plan property sales has been extended from 30 to 60 days giving buyers more time to register transactions and pay the freehold transfer fee. This change aims to better align with the process from the launch of off-plan units to the final sales agreement.

These amendments which came into effect on November 21, 2024 also clarify that DIFC courts can reference common law from other jurisdictions such as England and Wales in their rulings. This ensures that DIFC's legal system remains closely tied to global common law principles.