Dubai developers feel growing sense of restraint
Home prices may drop by 10 per cent in 2017 after a decline of about 7 per cent this year
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Dubai
ON the surface, Dubai is ploughing ahead with the kind of ambitious, eye-catching projects that turned the sheikhdom into the Persian Gulf's business hub and playground. At the tip of its palm-shaped island, a swimming pool suspended between two towers will hover 170 m above the ground. Closer to the city centre, "water homes" on stilts will line an artificial canal dotted with floating restaurants and gondolas.
But the din of cranes and earth-moving equipment hides a growing sense of restraint among the city's developers as persistently low oil prices undercut spending power across the region.
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