Dubai’s International Financial Court (DIFC) has introduced important amendments to its legal framework, focusing on property registration and legal proceedings. A new 0.25% mortgage registration fee has been implemented for purchasers of real property, which will apply to mortgage transactions in the DIFC. In addition, the registration period for off-plan property sales has been extended from 30 to 60 days, allowing more time for buyers to finalize agreements and pay the required fees.
Furthermore, changes to the DIFC’s Application Law have clarified how DIFC Law is to be interpreted. A new article, 8A, establishes that DIFC courts will use both statute and common law principles, supplemented by the rules of equity, in their rulings. It emphasizes the role of international jurisprudence in guiding the interpretation of laws based on international models. These updates aim to strengthen DIFC’s legal system by aligning it with established common law practices and ensuring the continued relevance of both English common law and international legal standards.
This move reflects the DIFC’s commitment to creating a transparent, efficient, and adaptable legal environment in line with global best practices. These legal modifications came into effect on November 21, 2024, with a clear intention to streamline property transactions and enhance the legal framework in Dubai’s financial sector.
