Dubai plans new rules to control speculation on properties sold before they’re built after house prices climbed by around 30% last year, the head of the emirate’s Land Department said.

The real estate authority plans to complete a review of off-plan transactions in the first quarter and may introduce new regulations in the second or third quarter, Land Department general director Sultan Bin Mejren said in an interview. “Home prices this year may rise 35 percent to 40 percent”, he said adding: “Transactions on off-plan properties are a little dangerous. We are now studying them and looking at ways to ensure that they don’t hurt the market.”

Regulators are trying to avoid a repeat of a real estate bubble that burst in 2008 and caused values to fall by as much as 65%. The buying and selling of off-plan properties for a quick profit, known as flipping, was seen as a major cause of the crash.

The Land Department is also planning regulations to limit rent hikes when tenants change, Bin Mejren said. While there are caps on increases for existing occupiers, Dubai currently has no controls on increases for new tenants.