In this video, i'll share essential government and administrative fees you need to know when buying property in Dubai. Avoid surprises and ensure a smooth transaction by understanding these crucial costs!
Key Points Covered:
1, Dubai Land Department (DLD) Fees:
4% of the purchase price.
2. Property Registration Fees:
AED 2,000 + 5% VAT for properties below AED 500,000.
AED 4,000 + 5% VAT for properties above AED 500,000.
3. Mortgage Registration Fee:
0.25% of the mortgage amount + AED 290.
4. Legal and Documentation Costs:
Title of Deed: AED 520 + additional paperwork expenses.
5. Real Estate Agent Commissions:
2% of the purchase price + 5% VAT.
6. Legal Transfer and Conveyancing Services:
Budget between AED 5,000 and AED 10,000.
7. Mortgage Arrangement Fees:
1% of the loan amount + 5% VAT.
8. Property Valuation:
Costs between AED 2,500 and AED 3,500 + 5% VAT.
9. Mandatory Life Insurance for Mortgage Holders:
0.4% to 0.8% per annum on the decreasing loan balance.
Being well-informed about these fees helps you budget effectively and ensures a successful property purchase in Dubai.
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