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Dubai’s Real Estate Sector on the Road to Recovery, Lawyer Monthly

Lawyer Monthly

By Shahram Safai

Dubai’s real estate sector is on the road to recovery. Dubai is a country built on tourism, renowned worldwide for its lavish hotels and luxurious resorts. Naturally, construction and real estate are very popular sectors in such a country. When the recession hit the UAE, Dubai’s real estate industry suffered and investment declined at an alarming rate, leaving the country in a slump. In late 2009 it was revealed that Dubai had $20 billion worth of debt. The global downturn also left Dubai unable to offload some of the most extravagant real estate units, with 2010 witnessing a 5 percent drop in the property sector.

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