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At the same time, property prices have been soaring on the back of Dubai's economic boom, increasing the chance of the market rising to unsustainable levels.Dubai house prices posted the fastest year-on-year rise of any of the world's major markets in January-March for the fourth straight quarter, soaring 27.7 percent, consultants Knight Frank said.The value of real estate deals in Dubai, with a population of 2.3 million, jumped 38 percent in the first quarter to some 61 billion dirhams ($16.6 billion), the Land Department said.Most of the more than 200 manmade islands off Dubai laid out in the shape of a world map that symbolized the 2008 property market crash remain empty after state-owned developer Nakheel's near debt default in 2009 .Late last year, Dubai doubled the fee charged on property deals to 4 percent, while the UAE central bank imposed caps on mortgage lending.Last month, the International Monetary Fund warned that Dubai might need to consider such tools as well.Plans for real estate projects worth well over $50 billion have been announced in dubai over the past 18 months – but it is unclear how many will actually get built and how fast.
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