Stampede to complete Dubai property deals before transfer fees double | The National:
"Property brokers are predicting a rush to seal deals this week before transfer fees double in Dubai next Sunday.
The Dubai Land Department’s new policy, which is targeting the property flipping that can sometimes inflate real estate bubbles, is putting pressure on agents to close sales ahead of schedule. Sunday is the first day the regulator will be open since it announced the fee rise on Thursday.
Other deals that rely on mortgages, which require extra time, are in danger of falling through as buyers and sellers bicker over who pays the extra fee – an extra Dh50,000 for a Dh2.5 million Dubai apartment or Dh120,000 for a Dh6 million villa.
“If people have signed the MoUs and they are not under mortgage, everybody will be rushing to finalise this week,” said Ghada Ghannam, a senior residential agent at Better Homes. “This was a shock for everyone.”"
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