Dubai Home Sales Fell 3.2% Last Year on Cooling Measures - Bloomberg

Dubai Home Sales Fell 3.2% Last Year on Cooling Measures - Bloomberg:



"Dubai home sales fell 3.2 percent by value last year after the government took steps to slow soaring prices.



Home sales by value declined to 60 billion dirhams ($16.3 billion) in 2014 from 62 billion dirhams in 2013, Dubai’s Land Department said in a press release today. Total real estate sales, including land and commercial property, dropped 7.6 percent to 218 billion dirhams, the department said.



Dubai’s home prices surged 35 percent in 2013, prompting the sheikhdom’s government to double a transaction tax and the United Arab Emirates central bank to restrict mortgages. Officials at the International Monetary Fund on Nov. 6 said Dubai has done enough to control property prices six months after warning the surge in prices was “unsustainable.”"



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