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There are few restrictions on property ownership, although a new rule came into force in 2007 requiring foreigners to obtain a licence to acquire land on the island of Tobago. There are many estate agencies in the country some of which are members of the Association of Real Estate Agents of Trinidad and Tobago, a leading sector body. Stamp duty for residential properties is between 5% and 10% and slightly less for land and non-residential property. From 1991 to 2006 there were steady increases in property prices. Prices have, however, consistently fallen for the period up to the beginning of 2010, a period of decline that was probably extended by the global economic downturn.