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Dubai Risking Bubble Redux With Lowest Rates: Mortgages

Dubai, the desert sheikdom where home prices have plunged 65 percent since 2008, risks re-inflating its property bubble with the help of mortgage lenders offering easy terms and the lowest rates ever.

“We don’t want to encourage people to gamble,” said Abdul Aziz Al Ghurair, head of the United Arab Emirates’ Bankers’ Association and chief executive officer of Dubai’s Mashreqbank PSC. “It’s worrying when there’s unhealthy competition amongst banks.”