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DIFC to hike Freehold Transfer Fee

Last Updated on March 27, 2014

  

DIFC is a financial free zone linking markets in the Middle East and North Africa with the rest of the world. The advantages of doing business in the center include 100 % foreign ownership, 0% on income and profits for 50 years, and an international legal system based on English Common Law.

The Dubai International Financial Centre Authority has approved a revision to the transfer fee on real property transactions from 3.5% to 5%. To help defray the cost of guaranteeing title to real property, the Freehold Transfer Fee is payable for freehold transactions in real property within the jurisdiction of the DIFC.

The freehold transfer fee is based on the amount of the consideration paid or payable for the interest, or an amount that is 15% below the market value of the interest, whichever is the greater. This change is in line with market trends. It addresses the International Monetary Fund’s concerns about overinflated markets and endeavors to secure the long term stability of the DIFC property market.


  

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