One the UK’s largest property tycoons, Simon Halabi appears to be in the position of being unable to refinance over £1.4 billion ($2.07 billion) of outstanding loans on his property portfolio this year.
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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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Just a few short months ago, Sandbanks, an exclusive peninsula in Dorset had the fourth highest land value in the world. The main road was known as “Millionaire’s Row,” and in 2007 a small bungalow (one storey building) sold for £4 million. But times have changed and plots earmarked for lucrative new luxury developments are lying derelict and many of the former residents are now broke.
More on England’s Most Expensive Property Hit By Credit Crunch
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