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Dubai authorities fear housing bubble


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2014-04-27 16:45:03 - Dubai authorities plan to introduce new rules to limit speculation in the real estate market after prices soared 30% last year.



According to the head of the Land Department Sultan Bin Myhr, the government intends to introduce rules to regulate real estate transactions in the development stage II or III quarters. Housing prices this year will grow by 35-40%, he said.

"Real estate on the stage of building a little dangerous - he said. - We are now studying them and trying to determine whether they are harmful to the market."

Amid recovery of the real estate market in Dubai regulators and private companies in the country are trying to avoid the appearance of a bubble in the housing market. So, in 2008, the bursting of the bubble led to a fall in house prices in Dubai by 65%.

Dubai now shows strong recovery

against the backdrop of the real estate market revival and tourism boom. However, in the next few years the emirate are coming fairly large payments on obligations, so the extension of credit from the Central Bank of the UAE accounts for more than ever.

Please find other update on Dubai economy and largest UAE banks database at dubanks.com





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