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A bubble in Dubai?

In a Financial Times article this week on Dubai property heads off-plan, reports from Standard Chartered and Morgan Stanley were prominently cited in predicting a fall in property prices by the second half of next year, due principally to oversupply. Yet, by Morgan’s own admission, tracking supply as well as demand is difficult because access to data is limited.  The lack of such substantive data did not dissuade Morgan from making a call, which appears to be more speculative than factual.