Dubai property tax and registering properties in Dubai
Freehold ownership of Dubai property by foreigners has only been permitted since 2002, when His Highness Sheikh Mohammed bin Rashid Al Maktoum issued a decree. Since then the market for properties in Dubai has grown exponentially and, in 2006, registration of freehold Dubai property was permitted for the first time. Although a small charge is incurred for this, the costs associated with buying properties in Dubai is still far les than in other places due to the fact no tax in Dubai is payable.
No property tax in Dubai
No tax in Dubai is due on property transactions in the Emirate. This is a huge advantage to buying properties in Dubai – no transfer or capital gains tax in Dubai is due.
Registration of Dubai property
You will need to sign the final contract for Dubai property in front of a notary who will lodge it with the lands department. A 1.5% charge will be incurred for this part of the process but, as we have already seen, there are no other charges or tax in Dubai connected to the process of buying properties in Dubai.
