Dubai Doubles Real Estate Fees as Prices Surge - Bloomberg

Dubai Doubles Real Estate Fees as Prices Surge - Bloomberg:

"Dubai, the emirate that suffered one of the world’s worst property crashes in 2008, doubled property-sale fees in a bid to limit speculation and avert another housing bubble.
The Dubai Land Department will raise the transaction fee to 4 percent from 2 percent effective Oct. 6, Director General Sultan Bin Mejren said at a press conference today. The change will apply to residential and commercial properties, including those sold before they are built, he said. It won’t be retroactive and won’t affect industrial real estate.
“This decision will limit quick property speculation, which is harmful to the market,” Bin Mejren said. “The market is recovering and we want to help boost stability and sustainability.”"

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