Friday, Nov 21, 2008
Excessive property prices in desert wasteland show signs of instability
Telegraph: Dubai's Palm Jumeirah sees prices fall as crunch moves in
More anecdotals than data, but Dubai property falls must be inevitable, more than anywhere else on the planet. Will be a shame to see all those footballers' investments take a tumble
Posted by doom&gloom @ 10:40 AM (298 views) Add Comment
3 Comments
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1. d'oh said...
I think the fact footballers were investing in it should have been a biog enough red flag. A couple of friends just returned from Dubai...they thought it was a tip and couldn't see how the place was going to "work".
2. jack c said...
I have a contact who is flying out to Dubai for Xmas/New year and knows someone who runs an estate agency out there - they have had 60 sales people sitting on their hands for several weeks as the market simply "froze up" - a bubble just like everywhere else. Some of the middle east banks are also in trouble.
3. Lloyd said...
Sorry to say this but most 'Footballers', Celebrities etc got their properties here for "FREE", YES "FREE". They were used to to intice the leamings into believing that by purchasing a property alongside these 'Celebrities' they were immediately and magically given celebrity status. How stupid did they think the masses were? VERY VERY STUPID I THINK!