(MENAFN) Omaniyat Group began work on a 48-storey tower in Dubai Maritime City yesterday, the first residential building under construction at the long-delayed project as developers bet the Emirate's renewed property boom is sustainable, Gulf Times reported.
Dubai rents had risen for 10 straight quarters before decreasing 1 percent in the third quarter, property consultants CBRE reported in September, and prices are now back up around their 2008 peaks.
Work on dozens of building projects has resumed and new developments announced, sparking fears Dubai could repeat the boom-bust cycle that left thousands of investors out of pocket and some facing financial ruin.
His company broke ground on a 225-unit tower in Dubai Maritime City yesterday, which the developer valued at USD163 million and predicted would be finished in 2017.
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