Even Dubai Feels Wall Street's Pain...
In a global marketplace, even Dubai isn't protected from the economy's frosty embrace. Although real estate giants don't anticipate a market crash in this tourist hot spot it has certainly slowed the rush to invest in Dubai down a bit. There may be a positive note in this unpredictable market as some believe the speculators or "flippers" will get weeded out and bring more stability. I don't pretend to understand everything about the effects of our economic issues but it's certainly disconcerting when Dubai is feeling the strain.
Reader Comments (Page 1 of 1)
Henry Tuttle Oct 26th 2008 10:38AM
I live in Dubai. I bought a house here just a year and a half ago. It's already appreciated about 70%! My partner bought a house here 2 1/2 years ago and that house appreciated 175%!!! And that was after the bulk of the initial appreciation.
People here seem to be expecting a 15-20% correction in the market. Real estate agents say sales are down. But no one is expecting a crash. Everyone's bought in to the "dream" of Dubai.
salma Oct 27th 2008 3:57PM
That's good to know! I guess I better hurry up and leave the States to go buy property in Dubai ;)
Eclectic Investor Nov 25th 2008 7:37AM
Im sure he wont be saying the same thing today. Burj Tower just collapsed 40% in 3 weeks. Enjoy the sun while it shines.
http://www.eclectic-investor.blogspot.com