Dubai hikes property transaction charges to 4% | GulfNews.com

Dubai hikes property transaction charges to 4% | GulfNews.com:

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• Image Credit: Abdel-Krim Kallouche/Gulf News Archive
• View of Sheikh Zayed Road in Dubai, during the sunrise.

Effective October 6, freehold property registrations in Dubai will be 4 per cent instead of 2 per cent as the authorities step up efforts to ensure the realty market does not overheat. These will be shared equally by the buyer and seller. (The change will not apply to warehouses or industrial properties.)
In the latest data with the Dubai Land Department, transaction values exceeded Dh160 billion in the year to date from 44,000 deals compared with Dh90 billion for the same period last year. It was Dh145 billion for the whole of 2012.
“The registration fee hike will slow down speculative moves on quick profit taking, which is never a healthy thing in a property market,” said Sultan Butti Bin Mejren of Dubai Land Department. “Last Thursday alone we had registrations of Dh1.2 million and that has never happened in the Department’s 50-year history."

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