What to know before Gifting Property in Dubai? The name Dubai itself strikes the money bells. It is a well established fact that Dubai is synonymous for rich. Residents of this elite and famous city do not shy away from showering their love on their special ones in the form of expensive and luxurious gifts. “Hiba” is the term for gift in Arabic. The concept of Property gifting Dubai is so popular that people often end up giving entire buildings and companies to their loved ones. Which is exactly why you need to pay keen attention to various aspects of property gifting from all the prerequisites and legal aspects?
The better the knowledge the smoother will the process be. A few points you must know before gift transferring 1. You get a benefit of exemption of 4% transfer fee which is payable to Dubai Land Department on all property transfers. 2. Only transfer of property between first degree relatives can be considered ‘gift transfer’. First degree relative’s gift transfer includes property transfer between parents and children, and husband and wife. Siblings do not qualify for first degree relatives under recent sets of rules and regulations.