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The International Monetary Fund (IMF) has decided to weigh in on Dubai?s booming property market, warning the emirate that prices are rising too fast. Residential property prices have skyrocketed by more than 22% within the past 12 months and so far officials have chosen not to take little action to curb the increases. IMF officials and analysts from Jones Lang LaSalle believe the boom is unsustainable and that a slump should be expected within the next two years. The emirate has raised taxes on transactions and its banks enforce strict lending rules, but 80% of the transactions are taking place in cash and so indirect cooling measures will not work. For more on this continue reading the following article from Global Property Guide.
Over the past 12 months, prices of residential property in Dubai have increased by more than 22%, worrying experts including the IMF. ?Should price increases continue to take place at this pace, action will need to be taken to prevent a bubble,” IMF mission chief for the UAE, Harald Finger, warned Dubai.