Prices Stabilize As New Regulations Take Effect In Dubai

The real estate consultancy Cluttons publicized in a report that the residential market of Dubai has returned to a moderate phase after the prices surged in the previous year.

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The company maintains that the Expo 2020 win along with the economic growth of the emirate led to a strong demand for residential units in Dubai which contributed in propelling the average prices by 51 per cent in 2013.
However, a set of new laws introduced by the government successfully managed to cool the rapidly increasing prices and erased all concerns of another boom and bust cycle.

Cluttons Middle East chief executive Steven Morgan said that the implementation of the federal mortgage cap along with a ban on selling off-plan units before handover has casted a positive influence on the market’s behavior.

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