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While we are familiar with the anti-speculative measures Singapore has rolled out, we may not be as knowledgeable about those taken by other countries. This article looks into what some other countries are doing to stabilise their real estate market.
Dubai, UAE (United Arab Emirates)
Since 2011, the residential property market in UAE showed signs of picking up after a sluggish spell between 2008 to 2010.
This prompted the Central Bank to royal green showflat issue a circular to limit the loan quantum for foreigners to 50% of the valuation for the first property purchase, and 40% for subsequent purchases. For citizens, the limits are pegged at 70% and 60%.
But the circular ignited fierce protests by commercial banks, causing the Central Bank to back down.