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Dubai Real Estate Cash Transactions Limited To Dh 55,000

The most recent cash real estate transaction limit in Dubai is set at Dh 55,000. With this action, financial transparency will be increased, and AML regulations will be followed. Over this sum, payments have to be done through the banking system with checks or electronic bank transfers. Top developers launched this initiative to enhance financial integrity and lower cash transactions in the real estate business.

Cash transactions account for twenty percent of all real estate transactions in Dubai. Developers rush to finalize any financial transactions before implementing regulatory changes.

“Undoubtedly, there is a deliberate attempt to enhance the clarity of these transactions by diminishing the prevalence of cash-only sales in the Dubai Real Estate Market ,” affirms the Chief Executive Officer of a respected private development company.

Two well-established real estate companies have enforced these restrictions. This is a notable change, given that some developers derive 30 to 40 percent of their overall value from property acquisitions.

Sources predict that soon the restrictions on cash transactions will be lifted. The revised policy shows that the country is dedicated to stop money laundering. This relates to its KYC (know your customer) and AML (anti-money laundering) legislation expansion.

Considering all relevant elements, the upcoming regulation represents a crucial moment in the Dubai real estate business.

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