Here is something that may yet raise its head for those who have taken out Islamic finance to purchase property in Dubai. In order to be Sharia compliant the borrower must cede the property to the finance company who will in turn lease it back to the purchaser at an agreed monthly sum for a set period of time. At the end of the elapsed time the finance company agrees to sell the property back to the purchaser for a nominal fee.
Despite the purchaser having heavily invested already in the property he will now have to pay an additional 5% per municipal tax over and above his monthly finance repayments as he will now be deemed a lessee rather than an owner.
Ouch I hear you say. My feelings entirely. It will be interesting to see how this issue is dealt with and weather it is brought in to effect in new developments such as Arabian Ranches Meadows, Springs etc.