Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has issued a law altering registration fees for property transactions on warehouses.
He issued in his capacity as the Ruler of Dubai, law No.2 for 2013 amending law No.7 of 1997 regarding property registration fees.
Under the new amended law, a Dh10 fee shall be levied for registering every one square metre of the total area on which a warehouse is built, provided that the total registration charges do not surpass Dh10,000.
As per the new amendment, the new fee will be less than the previous fee which was set at 2 per cent of the value of the sale contract.
According to Sultan Butti Bin Mejren, Director General of the Dubai Land Department, the amended fees will have positive impact on the industrial sector where it is expected to significantly help boost small and medium scale industrial enterprises as well as encourage investment in the industrial sector.
The move will also boost the department’s non-stop efforts to achieve the wise leadership’s goal of creating a knowledge-based economy in line with the ‘UAE Vision 2021’, he said.
The new fee rule will be implemented when selling warehouse plots.