Sunday, November 16, 2008
DUBAI: Dubai property shares plunged and its biggest private developer slashed jobs this week as the global financial crisis tightened its grip on the tiny emirate, until now synonymous with the Gulf Arab real estate boom.
Dubai’s glittering skyline and luxury tourism sector have lured investors in droves over the past five years. But property prices have begun to fall, according to brokers and banks, in one of the clearest signs to date that the bubble has burst.
A real estate crash in Dubai would call into question the futures of millions of immigrant workers, many from India and Pakistan, and whether energy exporter Abu Dhabi would run to the rescue of its high-flying but poorer neighbour.”Villas that were very hot before the crisis have fallen. The buyers were chasing the sellers but now it’s the other way round,” said Quaid Abbas, property consultant at Engel & Volkers.
For more on this article, please click on the following link: Dubai property boom halts: The News
1 comment:
Well Dubai should have been more careful with their development and they also have been to dependent on American banking system this is why crisis will also effect them.
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