Dubai needs to limit property speculation: IMF

May 7, 2014 10:32 am

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The International Monetary Fund (IMF) has said the UAE should enact stronger measures to curb real estate speculation in Dubai to prevent an “unsustainable” surge in prices, Bloomberg has reported. Dubai’s recovery from the verge of default in 2009 has fuelled 35% increase in real estate prices last year, according to broker Knight Frank. “It’s very hard to spot bubbles until they burst,” Masood Ahmed, head of the IMF’s Middle East and Central Asia Department, told the news service. “There is evidence that prices of real estate have been rising at a very rapid pace over the past 18 months.”