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New Economic Stimulus Package Will Boost Real Estate Investment In Dubai |
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In an implementation of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, announced the adoption of a new package of economic incentives by Dubai’s Executive Council, and which is aimed at strengthening Dubai’s position as a global investment hub. This new economic incentives’ package includes the non-increase of government fees over the next three years in addition to the reduction of the 'market fee' from 5% to 2.5%. The new package includes many incentives reducing the cost of doing business in Dubai’s real estate market including the exemption from Dubai Land Department’s 4% late-payment penalty which used to be imposed on property owners who fail to register real estate transactions within 60 days. Sharing his thoughts on Dubai’s new economic stimulus package, Muhammad BinGhatti, CEO and Head of Architecture at Binghatti Developers said: "The adoption of the first economic incentives’ package, which includes the revaluation of governmental fees related to real estate development and investment, as well as the exemption from fines, will significantly contribute to the growth and development of Dubai’s real estate sector. In fact, the cost of real estate activities will be reduced, and this will result in boosting the confidence of real estate developers and attracting local and foreign real estate investors." "Under its progressive leadership, Dubai continues to dazzle the world with its futuristic plans, programs, and projects. Once the new economic stimulus package will be implemented, the real estate sector will witness more significant growth. These incentives will attract further foreign investment portfolios and support the establishment of new companies and businesses, which will enhance Dubai's competitiveness and position as the preferred global destination for real estate investments." added BinGhatti. Muhammad BinGhatti concluded by stating: "The vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, ensures the continuous growth and maturity of the real estate sector. "
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