One of Dubai's real estate brokerages has announced that it will absorb the newly implemented 5 per cent VAT on the commission of all real estate deals done at a particular building City Walk for a limited period from February 15 to March 15.
Fäm Properties will cover the VAT costs on the commission of all units sold and leased in Building 18B in City Walk. Additionally, fäm Properties will bear the costs of the 4 per cent Dubai Land Department registration fees for Building 18B for the limited time period.
Firas Al Msaddi, CEO of fäm Properties, said: "While we have welcomed the introduction of VAT to real estate transactions in the UAE in order to bring much needed transparency to the market, we understand that such changes are often met with a phase of resistance. This initiative has been designed to help bridge the market's acceptance of VAT and to help investors manage this phase smoothly.
"Our decision will offer major financial incentives to buyers who are considering investment opportunities at a time when current conditions can yield strong medium to long-term gains."
Building 18B in City Walk is a six-storey residential and retail property, comprising one, two, three apartments and a four bedroom penthouse, with retail space on the ground floor.