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The emirate recorded a total of 23,000 real estate transactions in the first half of 2015, with a total value of 129 billion U.A.E. The step, taken in September 2013, was meant to eliminate speculation in the market, the Dubai Land Department said at the time.
#TURMOIL THE HEAT IS ON REGISTRATION#
The cooling effects include an increase in real estate registration fees from 2% to 4%, which is split equally by the seller and the buyer.
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Russians are among the top 10 foreign buyers of real estate in Dubai.Īdditionally, measures taken by the government to cool off the real estate market at the end of 2013 have raised the cost of buying property in Dubai and dampened residential sales activity, Knight Frank said. The Russian ruble has lost almost half of its value against the dollar in the past year. dollar, to which the U.A.E.'s dirham is pegged. ranks sixth among the top world oil producers.ĭubai’s real estate market has also been affected by the strengthening of the U.S. Knight Frank, the London-based real estate consultancy, points to several factors hurting Dubai's housing market, including falling oil prices. The index compares mainstream residential markets around the world. It was last on the list of more than 50 markets, behind countries such as Brazil, which is facing political and economic upheaval, and conflict-ridden Ukraine. Residential prices in the United Arab Emirates city fell 12.2% year-over-year in the second quarter, putting Dubai at the bottom of Knight Frank’s Global House Price Index released this week. Lower oil prices and economic turmoil around the world are pushing down house prices in Dubai.