Even Dubai Feels Wall Street's Pain...

by Laura Malesich (RSS feed)
Oct 26th 2008 at 10:02AM

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.

Tags: dubai, economy, global market, GlobalMarket, market, TIME, wall street, WallStreet

Filed under: Wealth

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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