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Would a capital gains tax cure or kill the property market?

July 29, 2008 9:45 by

real estate, dubai, speculation, leverage, capital gains, tax, standard charteredStandard Chartered economists, concerned by rampant short term speculation in the property market, are suggesting a capital gains tax on real estate ‘flipped’ within 12 months. They also suggest changing the payment structure, and ask for buyers to place a higher deposit.

The concern is speculation is being spun by excessive borrowing and prices are racing ahead of the UAE’s undoubted future potential (infrastructure spend, aircraft orders, lots of theme parks, Tiger Woods golf course, etc). But is tax the answer? Your thoughts are welcome.

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