Five years after its spectacular crash, the emirate’s property market is recovering. But can it sustain the new boom?
Ziad El Chaar did something last month that he used to do every day, then stopped doing for five years and at times feared he would never do again. He sold a house.
Flanked by Carla Fendi, president of the Italian design house Fendi, and leading investors, he unveiled Residenze, a 1,200ft skyscraper in Dubai Marina, designed by Fendi and built by Damac, the property firm he runs. The phones started ringing with the first offers within minutes. “Real estate in Dubai is back,” he sighed, more with relief than pleasure.
Like every Dubai developer, El Chaar stopped launching “al bling” projects after the collapse of Lehman Brothers five years ago. During the credit crunch, prices of homes and flats in Dubai slumped by more…