Many real estate agents are reporting a significant dip in enquiries this month and also a large reduction of MOUs raised particularly in the mid sized family villa sector. October is traditionally a very good month for sales as the weather cools down in Dubai but many factors may be affecting this reduction in activity despite a positive Cityscape real estate exhibition earlier in the month.
Around the same time the announcement was made of the increase in transfer fees from 2 to 4% and with the further announcement of the capping of mortgage lending levels, which has been expected for quite some time, many buyers may be seeing how all these factors are affecting the market.
With the announcement on the 27th November regarding Dubai's Expo 2020 application many experts believe this will be a major boost to many industries including the real estate sector. Many agents are quietly hoping for this and the implementations of these controls will be absorbed and the market will return with some stability.
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