Too tight deadline for transfer fee hike risks stalling the new Dubai property boom « ArabianMoney:
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The second Dubai property boom looks to be over this week before it has hardly started with a doubling of real estate transfer fees by the Dubai Land Department. The sector has only had one week’s notice of the rise meaning that many transactions involving mortages may now fail entirely, stalling the whole market.
Estate agents say that one or two months’ notice would have been far less dramatic in impact. Housing markets tend to take a long time to build up speed but can be brought to a halt overnight as Dubai discovered in late 2008. In the year that followed prices dived by 65 per cent."
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