According to Khaleej Times, the Dubai government has implemented a new regulation that sets a Dh55,000 cap on all future cash transactions involving real estate.
This implies that a person can only pay with cash up to a total of Dh55,000; all subsequent payments must be made through banking channels.
Presently, twenty percent of all real estate deals in Dubai involve actual cash exchanges.
Developers are scrambling to wrap up all cash purchases before the new regulation takes effect because regulatory changes are imminent.
The CEO of a well-known private development company responded to this news by saying, “Clearly, there is a move to bring down all-cash sales in the Dubai property market for greater transparency on such deals.”
