Dubai doubles property transfer fees

Dubai is doubling its property transfer fee on sales, it has been announced.

The Dubai Land Department announced its plans to increase the levy last month. The move follows figures that show Dubai prices have soared by 12 per cent this year alone as the emirate’s market enjoys a major boom.

As concerns about a housing bubble arise, Dubai follows in the footsteps of Singapore and Hong Kong, who have also taken similar cooling measures in recent years. Dubai’s levy of 4 per cent, though, is far lower than the 15 per cent of the above markets, prompting Knight Frank to say they are “unconvinced that the rise in the transfer fee will act as a significant brake on residential property demand”.