Dubai to raise real estate fee to fight speculation
DUBAI, Sept 26
DUBAI, Sept 26 (Reuters) - The emirate of Dubai will raise the registration fee charged for real estate transactions to 4 percent from 2 percent on Oct. 6, in order to prevent excessive speculation in the property market, a top official said on Thursday.
"It will affect the quick selling of property. This will have a positive impact on the market as it will limit the flipping of property and protect the market," Sultan Butti Bin Mejren, Director General of the government's Land Department, told reporters.
On the issue of whether the higher fee could hurt the market, he said: "We don't see a negative impact affecting the transactions." (Reporting by Mirna Sleiman; Writing by Andrew Torchia; Editing by William Maclean)
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