In the past few weeks, several high-profile Dubai construction projects on hold since the global financial meltdown of 2008 have been revived. Among the eye-catchers: a skyscraper with nine swimming pools, a mile-long canal winding its way around office buildings, and a replica of the Taj Mahal a mere four times bigger than the original.
The surrounding buzz doesn’t make up for the still-depressed condition of the broader real estate market in this emirate, one of the seven that comprise the United Arab Emirates. Dubai saw property values fall by as much as 65 percent during its four-year slump. About a quarter of the emirate’s residential properties are empty, even while an additional 25,000 are due to be completed next year as developers fulfill contracts awarded before the crash, property broker Jones Lang LaSalle (JLL) estimates.
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