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Real Estate Registry Act Amendments Suspended for 2 Years

02 Mar 2021

Real Estate Registry Act Amendments Suspended for 2 Years

Amendments to the Real Estate Registry Act are now suspended for at least two years under directives from the President, according to an Ittihadiya statement. The two-year freeze is meant to allow time for public consultations on the legislation and the introduction of an alternative to the controversial 2.5% tax on the quick sale or disposition value of real estate assets. In the meantime, properties that get registered at the Real Estate Registry will be subject to a reduced fixed registration fee, which will be determined based on the size and type of property.

Cabinet will now prepare a draft bill for this interim period that would set the fees and other procedures, Justice Minister Omar Marwan said. Property owners with “older” contracts (the exact definition of which will also be specified in the forthcoming bill) will be able to register their properties if they want to during this two-year period and pay the fixed fee, which Marwan said will be affordable to all. This bill will be expedited and must be sent to the House of Representatives before Saturday, 6 March, when the original amendments to the Act were due to come into effect, Marwan said.

The Real Estate Registry Act will also be amended again over the course of the next two years, Marwan said. It has not yet been decided whether the 2.5% tax will be lowered in the reworked bill, and this remains an issue for the Finance Ministry to decide. (Source: Ittihadiyya Statement, Enterprise)

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