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Dubai?s property sector is making a strong comeback five years after prices in the emirate nosedived, but a surge in demand and bouncing prices have triggered calls to remember the crisis.
Scale models of grandiose developments rolled out at the three-day Cityscape property show, which ends today, showed the renewed confidence in a market that shed around half of its value.
But Ali Lootah, chairman of Nakheel, the giant developer behind a clutch of landmark projects in the Gulf emirate including its famous palm-shaped man-made islands, was bullish.
?Dubai is booming again,? he said.
He was speaking as Nakheel launched a new seafront development on reclaimed land, along with a handful of residential projects.
?We have a lot of people moving to Dubai. Dubai is back in business, and I?m not really worried about speculations,? he said.
Speculation on the market pushed property prices to record highs before sending them tumbling during the global financial crisis.