Dubai is crashing hard and fast. Property values are already down 50% from last year’s peak, and it is expected that there will be a similar drop this year. Combined with social and cultural issues, there is a danger that Dubai will never recover. Much of the boom was from speculative purchasers hoping for a quick buck, and they are a dying breed. If not completely extinct. Here is a selection of recent articles and websites detailing the on-going crash.
Dubai’s luxury real estate market is finished.
Can Dubai somehow deal with the clashes between Western and Middle-Eastern culture? Can they clean up their act and begin attracting small investors again? After the shoddy treatment by many developers, this will require a lot of work and, much as I hate to say it – even more new laws. Pollution issues on the beaches need to be dealt with; medieval laws and labor practices involving hundreds of thousands of workers need to be addressed. Luxury Property
Dubai bubble update – Another $10 billion goes into the hole
