File - An ariel view taken on December 12, 2012 shows part of Dubai's Marina. (AFP PHOTO/MARWAN NAAMANI)
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Naseema Ahmed, a broker at Indus Real Estate LLC in Dubai, has been digging through her emails for leads after failing to sell a single home in the past month.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 division at broker Cluttons LLC.Dubai home prices rose 35 percent last year, the most in the world ahead of China and Taiwan, Knight Frank said in a research report.Home-price increases were among the world's fastest in the years up to 2008 before the property bubble burst and values fell by as much as 65 percent.In October, the central bank capped the size of mortgages that banks can offer foreigners at 75 percent of the value of a first home priced at 5 million dirhams ($1.4 million) or less.About 24,000 homes, or 6.5 percent of current housing stock, are set to be completed this year, Jones Lang said in a report last month.
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