The Dubai Government is considering a crackdown on the flipping of off-plan properties.
The emirate is weighing up the introduction of extra fees on off-plan sales and placing new restrictions on such sales, the government’s media office tweeted yesterday afternoon.
The long-anticipated news follows an influential report by the IMF published this month that highlighted the issue of flipping – or buying off-plan homes then selling them before they are completed at a profit.
“Imposing additional fees and restrictions on reselling off-plan properties, as currently under consideration, would further discourage speculative demand,” the IMF said in its report.
The practice of flipping was widely blamed for inflating property prices in Dubai before the global financial crisis.
No details were given yesterday as to how the fees would be charged, but property agents speculate that a new system would charge flippers on a sliding scale, based on how long they had held the property.
“We welcome the news that the government is looking to do something about this,” said Craig Plumb, the head of research at JLL’s Dubai office. “However, the devil will be in the detail. I’m sure it would be possible to do something like this, but at the moment I’m not entirely sure how it would do it.”
If it goes ahead, the move would be the latest in a series of measures brought in by the Dubai Land Department over the past year to calm the emirate’s spiralling property prices.
Last August, Sultan Butti bin Mejren, the director general of the Dubai Land Department, was quoted in The National's sister paper Al Ittihad as saying that the department would introduce seven new laws in 2013 and 2014 to further regulate Dubai's property market.
A month later, the DLD announced it was doubling the transfer fee levied on each sale in the emirate to 4 per cent of a property's value in an attempt to reduce speculation. In November the department opened a Rental Dispute Resolution Centre to better handle rent dispute cases.
Since then the department has also made moves to standardise rent contracts and to introduce licences for short-term property lets.
According to JLL data, house prices in Dubai rose 22 per cent last year and are likely to hit their 2008 levels this year.
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How to tell if your child is being bullied at school
Sudden change in behaviour or displays higher levels of stress or anxiety
Shows signs of depression or isolation
Ability to sleep well diminishes
Academic performance begins to deteriorate
Changes in eating habits
Struggles to concentrate
Refuses to go to school
Behaviour changes and is aggressive towards siblings
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Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
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Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
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10pm: Handicap Dh 165,000 1,600m
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Rodri (30')
