Cityscape Tries to Mirror Dubai’s Real Estate Fortunes - Middle East Real Time - WSJ

Cityscape Tries to Mirror Dubai’s Real Estate Fortunes - Middle East Real Time - WSJ:

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Reuters

Property prices in Dubai have rebounded sharply in the past year

As Dubai’s real estate market plots a comeback, so too is the city’s largest annual property-industry conference. Exhibitors at Cityscape Global, which starts tomorrow, have reserved some 25,000 square meters of floor space, about 50% more than last year’s total. The number of exhibitors has also grown by about 30% to 223.

It’s a striking return to health for Cityscape, which saw a fall-off in exhibitors alongside Dubai’s tumbling property market. Prices in Dubai fell by more than half between the top of the market in 2008 and the bottom about two years later. A gradual pick-up took hold last year and has only gained pace since.

Apartment prices went up 42% on year in the third quarter, according to a recent report from Asteco, a local brokerage. Office prices have also risen, although to a more moderate degree."

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