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Real estate: Dubai returns to exuberance

Posted on 04 December 2012

Dubai is back to its old tricks. More proof came in October, when a local firm unveiled plans for a replica of the Taj Mahal, five times bigger than the original, and housing a 300-room hotel. Research from Citi says that over the past year the emirate has launched or relaunched developments worth at least $11 billion.
These include a new reclaimed island, lagoons, lakes and more canals, the UAE’s biggest hotel complex, and a new, 1,100-seat theatre. Property transactions are not yet at pre-2008 levels, but are heading that way. According to CBRE, Dubai property has seen some of the most dramatic price rises in the world this year. Prices of mid-range apartments and villas are up around 20%………………………………………..Full Article: Source


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