Dubai Sees Real-Estate Leading Growth 7 Years After Crash - Bloomberg:
"Dubai expects real estate and construction will likely drive economic growth in 2015, seven years after a crash in property prices brought the Gulf emirate to the brink of default.
The emirate’s economy is expected to grow 4.5 percent next year from an estimated 4 percent in 2014, the Department of Economic Development said in a presentation yesterday. Real-estate and construction may expand about 6 percent each. Preliminary forecasts for 2014 show the property sector will grow 3.5 percent.
Dubai, the second-richest sheikhdom in the United Arab Emirates after Abu Dhabi, is home to the world’s tallest skyscraper and largest airline by international traffic. The emirate has relied on tourism and hospitality since the 2008 real-estate crash. Property prices rebounded last year, prompting authorities to take steps against speculation, including measures to curb mortgage lending and the doubling of the transaction tax."
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