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Dubai realty set for V-shaped recovery

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Strong June transactions lay foundation for rebound; more units being sold

Real estate sale transactions in Dubai jumped by 60 per cent month-on-month in June 2020 signalling patterns of a V-shaped recovery, according to developers and property experts.

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Dubai first city of choice for real estate investors

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Invest in Dubai aims to highlight Dubai's position in real estate on a global front.

Dubai should be the 'first city of choice' for the investors and all the stakeholders in the economy are working towards that, this was positive message sent by the top real estate players at the unveiling of Invest in Dubai on Tuesday.

The Dubai Land Department (DLD), through the Promotion and Real Estate Investment Management Sector, launched its new 'Invest in Dubai', a year long virtual initiative under the theme 'Discussing the opportunities that arise from Dubai as a real estate investment destination'. 

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Expo 2020 delay a positive catalyst for Dubai real estate

The real estate industry is a key pillar of the UAE economy, and it has been going through a correction phase in recent years due to the widening gap between supply and demand.

Leading property developers had been rushing to complete their development projects ahead of Expo 2020, which has now been rescheduled to next year in the wake of the coronavirus outbreak.

The delay of Expo 2020 could be a positive catalyst for the real estate industry, as it will help attract investors for ready residential units in the market. Developers have held on new projects and slowed down the pace of work on existing developments so they will be able to market existing stock to potential buyers ahead of the six-month long mega event, which is expected to attract 25 million people across the world.

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Sheikh Mohammed signs VAT Executive Regulation

Nov 28 - Khaleej Times

The tax will go into force effective January 2018

The Ministry of Finance, MoF, Monday announced that His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, signed the Executive Regulation for the Federal Decree-Law No. (8) of 2017 on Value Added Tax, VAT.

The Regulation defines VAT as the 5% tax imposed on the import and supply of goods and services at each stage of production and distribution, including what is a deemed supply, with the exception of specific supplies subject to the zero rate and what is exempted as specified in the Decree-Law.

The tax will go into force effective January 2018, and all business have to take all necessary measures to avoid the risk of non-registration by 1st January, 2018, which would entail fines as stipulated in Cabinet Decision No. 40 of 2017 on Administrative Penalties for Violations of Tax Laws in the UAE.

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VAT exemptions announced for residential units in UAE

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The rent or sale of a residential part of the building shall be treated as zero-rated or exempt. 

Residential units in the UAE will be largely exempt from Value Added Tax (VAT), with the exception of the first supply of a new residential building within the first three years of its construction, according to a statement by the Federal Tax Authority, FTA.

The supply of commercial real estate, selling or leasing, will be subject to the Value Added Tax, VAT, at 5% from 2018.

The rent or sale of a residential part of the building shall be treated as zero-rated or exempt, depending on whether this is a first supply or a subsequent supply, the statement said.

The rent or sale of a commercial part of the building, however, shall be treated as subject to VAT at 5%.

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