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2013 is turning out to be a year of numerous firsts for Dubai. The Expo 2020 win created history, making Dubai the first city in the Middle East and North Africa region to host the largest trade show on earth.
Post win, we have seen a spate of regulations addressing fears of unaffordability of homes and rentals and a lurking bubble as Dubai enters a new phase of growing appetite for real estate. The market has clearly rebounded since the downturn with prices increasing by over 20 per cent this year even as new projects get launched every other week.
The latest measure by Emaar banning estate agents from reselling homes before completion is one of the many steps we?ve seen this year to tighten up on flipping. The developer, however, stated that real estate agents could purchase completed property, but only after the unit had been in the general inventory and unsold for a minimum of 14 days. In such a scenario, there would be no restriction on resale. This move to make off-plan property purchases not subject to transfer until handover also follows RERA?s doubling of the property transfer fee from two to four per cent according to an article in Khaleej Times.