Desperation in Dubai - Six Flags files chapter 11 and Tiger Woods Dubai “Delayed”
Desperation in Dubai
The tone of the press releases pouring out of the emirate is getting more and more desperate with each passing day. My thinking is that this will only serve to confuse the issue and market even further. Despite the fact that the first property auction in Dubai failed to attract any buyers, the government-owned press release machine keeps pumping them out.
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There is no question that Dubai’s luxury real estate market is facing major issues at the moment, despite the constant denials and positive-spin press releases being issued, some developers are facing up to reality, and the number of canceled or delayed projects makes a mockery of announcements of new projects. Dubai would not have offered $20 billion in bonds last week if all was well. Incidentally, Abu Dhabi immediately bought $10 billion of said bonds.
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Waterfront Dubai
Balli Real Estate Ltd, the UK and UAE based investor-developer, have launched their new website to showcase the company’s brand, services and its $3.5 billion property investment and property portfolio on the internet.
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High end luxury property values in Dubai are likely to see the largest fall in prices during the expected correction says mid-range property specialist, Mohammed Nimer
"People buying mid-range apartments are doing so mostly to live in them as homes rather than looking for short-term gains," says Mohammed Nimer, CEO of MAG Group Property Development
More on Luxury Property in Dubai expected to see Price Correction
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