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Developers Tighten Cash Payment Rules
Private developers in Dubai are planning to impose stricter limits on cash payments for real estate transactions.
The cash payment cap will be set at $15,000.
This move is aimed at combating money laundering and promoting transparency in the real estate market.
The decision has already been adopted by two of Dubai's leading developers, and it is anticipated to be rolled out across the industry.
In 2022, reporting requirements were introduced for transactions exceeding $15,000.
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