Dubai Launches New Real-Estate Boom - WSJ.com

Dubai Launches New Real-Estate Boom - WSJ.com:

"

Dubai became known for its grandiosity because of developments such as the Palm Jumeirah.
Some analysts worry a new bubble is in the making. Reuters

Thousands of apartments still sit vacant in Dubai, the wreckage from a massive property bubble that burst in this tiny Persian Gulf emirate only five years ago.

The unlikely response: Developers are moving ahead with billions of dollars in new projects.

A new boom has begun in the emirate, which became known for its grandiosity during the bubble by building the world's tallest skyscraper and a palm-shaped development jutting into the sea. About 45,000 units are in the supply pipeline, according to Jones Lang LaSalle.

Private and government-owned developers have unveiled billions of dollars in new projects in recent weeks including a new island with a 690-foot Ferris wheel and a thicket of residential towers surrounded by freshly-dredged lagoons."

'via Blog this'