Monday, Jun 23, 2008
Still a long way down
Times: Nakheel chief Chris O'Donnell says US real estate yet to hit the bottom
Chris O'Donnell, chief executive of Nakheel, the $80 billion Dubai property business, gave warning yesterday that the real-estate recession in America is far from over and will deteriorate rapidly should the price of oil reach $200 a barrel. He said the US property market had never had to cope with the combined impact of a sub-prime mortgage crisis and a surging oil price. “We have not hit the bottom yet,” he said. "No one knows for sure the outcome of the possibility of $200-a-barrel oil. Where is the bottom of this cycle?”
Posted by drewster @ 01:28 AM (314 views) Add Comment
1 Comment
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1. quiet guy said...
"Nakheel would be seeking investment opportunities in the US and the UK to take advantage of softening real-estate prices"
Nakheel wants to buy underpriced assets at some point in the future and hence has an interest in seeing our property market crash.
The next article on the blog "Donald Trump says UK will avoid worst of property plunge" plays down the potential damage to our property market and comes from a businessman who has a plan to invest in a big new development as soon as possible.
Call me Mr Cynical but are either of these Times articles worthy of the broadsheets?