{"id":214,"date":"2017-03-27T15:50:05","date_gmt":"2017-03-27T15:50:05","guid":{"rendered":"https:\/\/www.mortgagefinder.ae\/blog\/?p=214"},"modified":"2018-08-19T13:35:26","modified_gmt":"2018-08-19T13:35:26","slug":"dubai-property-exempt-from-vat","status":"publish","type":"post","link":"https:\/\/www.mortgagefinder.ae\/blog\/dubai-property-exempt-from-vat\/","title":{"rendered":"Dubai property to be exempt from VAT"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>Good news today as the Ministry of Finance (MoF) confirmed today that sales and rental leases on residential property within Dubai and across the UAE will be exempt from VAT which is scheduled to be introduced from 1 January 2018. \u00a0VAT would however be applicable to commercial property sales and leases.<\/p>\n<p>&nbsp;<\/p>\n<p>In general this is positive news for the Dubai and wider UAE property sector which is now showing strong signs of recovery after a two and a half year decline. Many\u00a0properties within the UAE witnessed a 20% to 30% decline in their capital values since their mid 2014 peak.\u00a0There is evidence that buyers sensing that the market is at bottom are now\u00a0diving in.\u00a0A VAT\u00a0on Dubai &amp; UAE property would have no doubt slowed this resurgence.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.mortgagefinder.ae\/blog\/dubai-property-fees\/\">Dubai property sales already incur a 4% transfer fee<\/a> as charged by the Dubai Land Department. All Dubai expats whether they be renters or owners are subject to a 5% housing fee which is calculated as 5% of the rental value of the property. Mortgaged buyers in Dubai are also hit with a fee of 0.25% of the loan amount. <a href=\"https:\/\/www.mortgagefinder.ae\/blog\/abu-dhabi-property-fees\/\">Property transfer fees in Abu Dhabi<\/a> range from 1% to 2% payable to the developer (often a Abu Dhabi government owned entity) and renters are likewise hit with a housing fee of 3% so\u00a0adding a VAT on these would have essentially amounted to\u00a0double taxation.<\/p>\n<p>&nbsp;<\/p>\n<p>While details of VAT are still yet to be fully released,\u00a0the VAT is expected to\u00a0generate in excess of AED32 Billion in its first 2 years to UAE government revenues and are a deliberate bid by them to diversify away from reliance on fossil fuels.<\/p>\n<p>&nbsp;<\/p>\n<table style=\"width: 726px;\" border=\"1\">\n<tbody>\n<tr>\n<td style=\"width: 726px;\">Explore more:<\/p>\n<ul>\n<li><a href=\"http:\/\/www.arabianbusiness.com\/uae-exempts-residential-property-sales-rental-income-from-vat-668577.html\">Read full article as published on Arabian Business<\/a><\/li>\n<li><a href=\"https:\/\/www.propertyfinder.ae\/\">Start your property search on the UAE&#8217;s number 1 property portal<\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Good news today as the Ministry of Finance (MoF) confirmed today that sales and rental leases on residential property within Dubai and across the UAE will be exempt from VAT which is scheduled to be introduced from 1 January 2018. \u00a0VAT would however be applicable to commercial property sales and leases. &nbsp; In general [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false},"categories":[2],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.0 - 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