The government of Dubai has announced the plans to reduce duties related to transactions in the real estate market and other areas of the economy in order to further stimulate economic growth and make the emirate more attractive to foreign investors.
At the meeting, several proposals were made regarding the real estate market.
One of the most important, in terms of real estate investment, is the decision of the Dubai Municipality to halve market fees for commercial organizations from 5% to 2.5%. In addition, the Land Department of Dubai will refuse a 4% commission for delay in payment of registration of real estate, which must be completed within 60 days.
Other initiatives that will please expats include the decision to freeze the cost of tuition in private schools for the period from 2018 to 2019. According to Sheikh Hamdan, this step “will reduce the financial burden on parents.”
A number of initiatives was adopted aimed at stimulating economic growth and reducing the cost of doing business in Dubai. They include the reduction or cancellation of various state fees.
The real estate sector is an important component of the economy of Dubai, and the government strives to provide the highest level of public services, both for investors and for developers.
To further stimulate the development of Dubai’s tourism industry, the plans were also announced to reduce municipal fees charged to hotels and restaurants from 10% to 7%.
“We continue to strengthen Dubai’s position as the best destination for leisure and business at the international level, and our incentive policy is aimed at making Dubai the best place in the world for doing business,” Sheikh Hamdan said.
“Tourist and hotel industries are the main pillars of our strategy for diversifying the economy and sources of budget financing. Sustainable development in these sectors requires creating attractive conditions for tourists and investors. “