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The pace of increase in Dubai?s property prices has slowed down in the second quarter 2014 after having shot up by over 20 per cent in 2013.
Last week, the rate of growth in house prices slowed down in Q2, with prices rising only three per cent compared with a five per cent increase seen at the end of Q4, 2013, and Q1, 2014, respectively.
The three reasons below that influenced the market in Q2, but states it remains ?optimistic about the year ahead? and ?it is too early to call a trend.?Real estate pundits have ruled out the possibility of correction in the market, with many expecting prices to rise in future driven by the wider economic upturn and strong economic fundamentals of the UAE.
1] Increased rental rates
2] Mortgage cap announcement
3] Increase in transfer fees