The Dubailand Department (DLD) has introduced a new regulation for off-plan property buyers that will require them to pay a four percent registration fee of the initial contract value, along with an Oqood fee of AED 1000 and a knowledge fee of AED 20. This has been put in place to safeguard investors who purchase off-plan properties or properties under construction.
According to the Dubailand Department, off-plan property investors have 30 days after their booking to pay the fee.
It is important for real estate agencies to take note of this fee so that they can inform investors directly.
In case you are unfamiliar with Oqood, it has been developed for developers to assist them in managing their projects, sales records and the registration of their properties. The Oqood registration is part of Law No. 13, which means it is mandatory for all investors to register themselves before purchasing off-plan property.