Tuesday, Jan 13, 2009
Sinking in the sand?
The National: Dubai Property Prices Slip
Dubai Property prices have been driven sky high by speculation for years. The problem is, when nobody wants to speculate anymore and end-users can't afford the prices or a 30% minimum deposit, it is hard to make a sale.
Posted by brickormortis @ 12:23 PM (134 views) Add Comment
3 Comments
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1. Brickormortis said...
"Still, for buyers with access to cash and credit, the lower prices mean bargains abound. “There is a great selection of available property at a price that a buyer would never have expected,”"
...Is this not just a ridiculous thing to say!? How can being just the other side of the peak of possibly the biggest housing boom in history present an abundence of "bargains". To me, a bargain is not a 10% mitigation of a 6 year boom culminating in somethign in the region of a 50% price rise in 2008 alone. Am I going mad?
2. jack c said...
A friend of mine has just come back from 2 weeks business/holiday trip in Dubai and reckons the place is at a standstill - EA with 60 employees he knows has paid everyone off and shut up shop - the car dealers have a huge amount of people on the forecourts (all looking to hand the cars back) - one word to sum it all up "MELTDOWN"
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