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Dubai will strictly enforce existing rules and if necessary set new ones to prevent another bubble from forming in its property market, while cracking down on abuses by real estate brokers, the director general of the emirate?s Land Department said. ?I don?t believe there?s a bubble forming. We are and we will be further regulating the real estate market,? Sultan Butti bin Mejren said at the Reuters Middle East Investment Summit.
?We don?t want a sharp increase in property prices that will exhaust the market. This is not healthy and unnecessary. What we?re trying to maintain is a sustainable growth in the real estate sector over the coming five years.?
What happens in Dubai?s volatile property market matters far beyond its borders; when a bubble burst in 2008-10, pushing its property prices down by more than 50 percent, the emirate came close to defaulting on its debt and financial markets across the world shuddered.
As head of the Land Department, which regulates the property market and is involved in planning Dubai?s rapid growth, Sultan Butti is a key figure in efforts to avert another boom-and-bust cycle.