Dubai International Financial Centre (DIFC) has revised the Law on the Application of Civil and Commercial Laws and made adjustments to the DIFC Real Property Law and Regulations.
As part of these updates, DIFC has implemented a Mortgage Registration fee of 0.25% of a mortgage’s value to align with standard onshore practices.
This fee supports the Registrar of Real Property’s administrative processes. The period for registering Off Plan Sales has been extended from 30 to 60 days, to better accommodate the timetable of these purchases. The new regulation gives purchasers more time to finalise transactions and pay the Freehold Transfer Fee.
Another major development has been the introduction of Article 8A to the application law. This article establishes that DIFC Law is primarily determined by DIFC statutes and court judgments. It is supplemented by common law, including principles of equity, with the DIFC Courts referencing English and other common law jurisdictions when necessary.
“These amendments reinforce DIFC’s status as an international common law jurisdiction and as the leading financial centre in the MEASA region,” said Jacques Visser, Chief Legal Officer at DIFC Authority. “The amendments confirm that DIFC laws are supplemented with reference to English Common Law and the laws of other common law jurisdictions.”
These legal enhancements aim to maintain DIFC’s alignment with best practices and ensure its legal system remains robust and adaptive.
