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Growth in real estate demand in Dubai has been due to an improving economy.
“Growth in demand from investors is a result of an improvement in fundamental economic factors, rather than down to speculation,” Dubai Land Department Director General Sultan Butti Bin Mejren said in a statement.
He also said Dubai’s doubling of the fee it charges on property transactions to 4 percent last year was helping to stop speculators.
The United Arab Emirates’ success in attracting businesses to invest depended partly on having low costs.
“Dubai has become a global player and therefore fees for providing services have to be on a par with the city’s growth and development.
House prices in Dubai jumped 27.7 per cent from a year ago in January-March, leading the global rankings for a fourth straight quarter.