Dubai Slays Home Price Gain of 35% With Loan Restrictions - Bloomberg:
"Naseema Ahmed, a broker at Indus Real Estate LLC in Dubai, has been digging through her e-mails for leads after failing to sell a single home in the past month. She had been closing deals at a clip of about six a week since the market began recovering in 2012.
Dubai’s housing market is slowing after the world’s biggest price increases in 2013 prompted the United Arab Emirates Central Bank to restrict mortgage lending and the government doubled transaction fees.
Ahmed’s sales drought is good news for Dubai financial authorities who have been trying to tame a market that has lurched between boom and bust since it was opened to foreign buyers in 2002. Home values will rise by 12 percent in 2014 after surging by about 51 percent last year, said Steven J. Morgan, head of the Middle East at broker Cluttons LLC."
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