A whooping number of 515 real estate transactions were registered in Dubai on November 24, making a total of AED888.3 million (US$241.8 million). This was the highest sales number since 2008, when the data became publicly available, Property Finder reports.
The second record for the transactions volume per day was recorded on September 6, 2015, when 405 real estate properties were sold in Dubai, according to Data Finder, an analytical data platform from Property Finder Group.
According to Data Finder, the most expensive real estate transaction recorded on November 24 was a 5-bedroom penthouse on the 45th floor of the elite The One JBR development, sold for AED33 million.
At the background of such an upsurge in transactions registration a question arises of how to make sure you’re doing everything wright, when buying or selling your property.
Buying and selling property always comes with certain legal issues, the complexity of which depends on the country. In Dubai everything is quite simple in this regard, but when conducting real estate transaction it still is better to turn for professional advice.
International experience shows that countries facing a boom in the real estate market often raise various fees associated with property transactions several times, in order to stabilize the situation. At the same time the size of fees may be adjusted according to various factors that hinder speculation, such as the period of the property owning before its resale, the buyer’s nationality, the intended use of the purchased property for own accommodation or for investing. As a result, in some countries, such as Singapore, registration fee can be up to 30% of the property cost in case of its too fast resale.
In order not to be trapped with real estate registration issues in Dubai it is better to turn to professionals. Many people know there is no real estate tax in Dubai, and it's true, but for the real estate transactions, however, the broker has to be licensed with the appropriate authorities. IMEX Real Estate experts are ready to give you all necessary legal assistance in this regard. Our
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