Tuesday, Oct 21, 2008
New Comical Ali....? "My feelings - as usual - there will be no HPC"
Hotproperty: Property prices 'will not fall' in the UAE
Speaking to Emirates Business, the chairman of Dubai project Falconcity of Wonders, salem Almoosa said the price of property in the emirate 'will never go down' and he disagreed with those who see a correction coming.
Posted by whostolemyendowment @ 04:00 PM (400 views) Add Comment
5 Comments
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1. sosoon said...
I used to live there, and you will find no greater subsidised bubble any where in the world.
An image from W3Schools:
2. icarus said...
As an FT article yesterday made clear Dubai doesn't have much oil and its economy is based on 'trade', property and financial services. Oh dear.
3. icarus said...
Oh yes, and Dubai's high levels of debt combined with a big property bubble are giving bankers there cause for concern. So this statement that property values in the city will never go down smacks of an attempt to calm nerves - in other words it shows that there is a fear that it will go down. The hope is that Abu Dhabi, which has most of the oil in the UAE, will bail out Dubai if/when things go wrong.
4. renting2 said...
Prices weren't going to drop in Scotland and NI either, so went the mantra.
5. plato said...
This is like the discovery of Iron Pyrites.