… on property taxes.
The Financial Times reported recently that Dubai authorities recently doubled the Property Registration Fee from 2% to 4%, in an attempt to cool the booming property market there.
4%? SA property buyers should be so lucky!
Here, every property purchase over $250k attracts a Stamp Duty of 4%. And median-priced Adelaide property attracts Stamp Duty (which is really just a tax by another name) of around 4.1%. An SA property priced over $550k – much lower than Dubai levels – attracts Stamp Duty of around 5.5%!
On top of that, every year, come council rates, water rates, ESL, sundry other levies depending on the location, and, to top it off – if it’s not the owner’s primary residence -Land Tax.
If Dubai’s serious about reducing its indebtedness, and cooling property speculation, it should send a deputation to SA to investigate how it’s done here!