|11-07-2014, 12:40 PM||#1|
IMF says worries have faded on the Dubai property market
The International Monetary Fund (IMF) said that their concerns have abated about a property price bubble in Dubai, adding that the Dubai Authorities have taken enough steps to temper the rapid rise in the property market.
“The IMF sees no immediate need for officials to take further steps to avert a housing bubble after recent measures helped stabilize prices,” said Harald Finger, who headed an IMF delegation to the United Arab Emirates, said in an interview in Dubai today.
Home prices in Dubai surged 35% in 2013, the fastest in the world, according to a survey by Knight Frank LLP. The IMF warned six months ago of “unsustainable” rise in prices.
The United Arab Emirates Central Bank have since then took measures to decrease mortgage lending, while at the same time Dubai’s government doubled the transaction fees tax.
The measures that were placed seem to have helped, as the IMF’s remarks are showing less worries about issues in the property market, or even a repeat of the 2008 property crash that nearly brought Dubai to default a year later.
The steady increase in home supply by most developers are keeping prices in the emirate at reasonable levels, with Dubai preparing to host the 2020 Expo for international tourism and trade fair.
The slowdown in prices has shown the effectiveness of the efforts done by the government to calm the market.
The market’s rapid recovery since the start of 2013 should continue and worries over the property market in Dubai should subside in the coming period and until 2020, and authorities in the UAE have shown their efficiency in handling the market.
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