"Dubai should regulate the pace of its real estate market rebound to prevent another boom-bust scenario, a senior official at the International Monetary Fund said on Tuesday.
Dubai's property market bubble burst spectacularly in late 2008, sending prices down as much as 60% in some areas of the city, as the financial crisis sent the global economy into a tailspin. But since then, the real estate sector has come roaring back to life as Dubai's trade and tourism-inspired recovery takes hold.
According to Jones Lang LaSalle, average sale prices of apartments and villas in Dubai rose about 18% in the first quarter of this year."
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