Developer welcomes dubai property slowdown

Dubai's largest developer, Emaar, has welcomed an apparent slowdown in the property market.

The emirate's market, which has rocketed back to boom after a devastating bust, has led global price rises in recent years, prompting the International Monetary Fund to caution against a possible housing bubble.

"In 2013, things went crazy because supply was limited. For me as a long-term developer, this spike scares me, so I'm glad people are saying, 'Oh, the market is cooling down.' I think that is healthy," said  Emaar chairman Mohamed Alabbar at a press conference on Monday for the launch of a new high-end project, Dubai Creek Harbour.

The IMF has since said that rises in prices have moderated and were now "less of a concern", says Reuters.

"We will continue to supply the market - supply in the market is good for our customers because it keeps prices at a reasonable level," Mohamed Alabbar added.