Now, buyers of real estate in Dubai who decide to take out a mortgage will have to pay a fee to the Land Department and a brokerage commission in addition to the initial payment, Khaleej Times writes.
Previously, banks financed a fee of 4% and a broker's commission of 2% as part of the total mortgage loan amount.
The change was introduced on February 1, 2025. According to some industry representatives interviewed by the publication, the measure is a step towards bringing the procedure to international standards, and it will not have a significant long-term impact. "The market will adopt a new standard."Nevertheless, according to experts, buyers will more often choose real estate in new buildings from developers offering long-term installments.
Source: Khaleej Times
