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fäm Properties to cover VAT costs
By Our Business Bureau February 10, 2018
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DUBAI: One of the UAE’s largest real estate brokerages has announced it will absorb the newly implemented 5 per cent VAT on the commission of all real estate deals done at City Walk in Dubai from Feb.15 to March15.

To mark the launch of Building 18B in City Walk, fäm Properties will cover the VAT costs on the commission of all units sold and leased in the new destination developed and managed by Meraas in the heart of Jumeirah.

Additionally, fäm Properties will bear the costs of the 4% Dubai Land Department registration fees specifically for Building 18B from 15 February until 2 March.

Commenting on the new deal, 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 do 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 to absorb VAT costs on the commission of all transactions in City Walk, as well as waiving the DLD registration fees for the new Building 18B, 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 offering unique privacy as the only unit on the top floor, with retail space on the ground floor.

City Walk is the only freehold, modern, low rise development in Jumeirah with exclusive retail and entertainment components.

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