Dubai says property market driven by fundamentals, not speculators | Reuters:
"Growth in real estate demand in Dubai has been due to an improving economy, not speculation, the emirate's Land Department said on Monday after the central bank warned that the property market might be overheating.
"Growth in demand from investors is a result of an improvement in fundamental economic factors, rather than down to speculation," Dubai Land Department Director General Sultan Butti Bin Mejren said in a statement.
He also said Dubai's doubling of the fee it charges on property transactions to 4 percent last year was helping to stop speculators.
Mejren did not comment directly on whether his department, which oversees the real estate market, might take fresh steps to cool demand. But his remarks indicated he was broadly satisfied with the current situation."
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