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Apartment price rises of 38 per cent over the last year in Dubai are not a signthat the property market is heading for another devastating crash according to Standard Chartered.
Research from the British bank said that unlike the 2007 Dubai property boom which was followed by a two-year slump in which house prices halved, the recovery this time around appeared to be more sustainable.
It said this was because price rises this time around were driven by growth in the logistics, hospitality and retail sectors and an increase in the population of the city rather than speculators attempting to to flip property for a quick profit.
However, the bank, which generates most of its income from emerging markets, added that there is a risk that the fragile recovery could change to be speculator-driven again if the authorities in Dubai were not careful.