VAT to be absorbed across City Walk real estate transactions for one month
UAE real estate brokerage fäm Properties will absorb the newly implemented five per cent VAT on the commission of all real estate deals done at City Walk in Dubai from 15 February to 15 March.
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 four per cent Dubai Land Department registration fees specifically for Building 18B from 15 February until 2 March.
"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,” said Firas Al Msaddi, CEO of fäm Properties.
He added that the company’s 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. The five-and six-storey pavilion-style City Walk Residences are complemented by many first-time shopping, entertainment, hospitality and wellness options.
The project will house signature hotels, more than 300 retail brands and a High Street Boulevard featuring boutiques, galleries, restaurants & cafés.
“We were the first real estate company to start promoting City Walk to investors after Meraas launched sales, and we have channelled a great deal of capital investment under our control into the project because of its unique appeal,” said Msaddi.
To date, fäm Properties has topped AED1.5 billion in residential property sales at City Walk and is using an 18-strong team of real estate advisors for all property management, leasing and sales requirements on site, while its engineering team is handling handover and snagging.