Dubai’s Real Estate Market Is Back, Bringing Echoes of the Bubble - Middle East Real Time - WSJ:
"A rise in asset prices is normally cause for celebration. In Dubai, however, a recent spike in real estate values is bringing back echoes of the emirate’s property-market crash four years ago and prompting growing concern about bubbles.
The latest addition to this chorus of worry was the International Monetary Fund, which released its Article IV consultation on the U.A.E. this week. By the IMF’s reckoning, Dubai’s residential market is up 16% this year to the end of April.
The real estate consultancy CBRE paints an even frothier picture, saying in a recent report on the second quarter that rents went up by more than 30% in a year. Even the lagging office sector was seeing a rebound, it said."
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