Dubai and its neighbors are getting back to basics as the property market struggles to regain its footing.
Gone are seven-star hotels, near-mile-high skyscrapers and artificial islands shaped like palm trees and the countries of the world. The new real estate hotspots are facilities for light industry and logistics, budget hotels and malls that serve neighborhoods rather than the region – dull by pre-crisis standards but profitable and in demand.
Once obscured in the wave of hyper-speculation, location and quality construction have re-emerged as critical factors in the residential and office segments, Saeed Hashmi, head of valuation and advisory at Landmark Advisory in Dubai, told The Media Line.
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