Friday, Nov 28, 2008
Now who'd have thought it....?
Economist: Dubai - Has the bubble burst?
“THEY said you couldn’t create islands in the middle of a city,” shouts a property advertisement over a jammed Dubai motorway. “We said, what’s next?” The range of answers has become gloomier by the week, as the debate moves from whether the Dubai property bubble will burst to just how bad it is going to get. Some nervous bankers think property prices could fall by 80% or so in the next year or so.
Posted by whostolemyendowment @ 04:35 PM (302 views) Add Comment
2 Comments
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1. planning4acrash said...
You can tell it, when the big skyscrapers start breaking records, Skyscrapers and Economic Cycles
2. sosoon said...
Dubai; an 80% drop would still make property expensive there. Once the money markets realise how deep they are in this mess, then there will be no debt to buy property, unless you want a 10% mortgage. And lets face it if you have 90% you don’t need ten.