Markets climb a wall of worry and house prices are back as a hot topic of dinner table conversation in Dubai, almost four years to the day since the real estate boom ended and crashed into the bust of 2009 when prices dropped by up to 60 per cent in the city.
It was one of the worst real estate busts of modern times, another world record for Dubai but perhaps one it would rather not have. Once bitten twice shy, it has taken the local real estate market several years to digest its debt mountain and for an economic upturn based on higher oil prices and the Arab Spring ’safe haven’ effect to bring the market back to life.
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