Dubai International Property Show a Flop and Another Broker in Dubai Goes Under

The Dubai International Property Show opened today with almost “no visitors” according to Property wire.

‘These are the difficult times and we must admit the reality and then find the solution,’ said Abdullah M Al Shizawi, managing partner of Heart of Capital.

“Last year, visitor turn out was amazing and we had number of good deals. But today there are almost no visitors,” he added. Dawood Al Shirawi from the Strategic Marketing and Exhibition, the event organiser said that it was challenging. “Right now the local market is going through the correction period due to the global recession,’ he said. Only serious investors are visiting the fair to check the pulse of the market.”

And another real estate agent in Dubai closed their doors as the global downturn hits Dubai hard. Millford real estate joins Casa Dubai, which closed down after losing everything, including a number of investor’s deposits when sales dried up and local developers took off with the cash. Luxury property in Dubai has been hit harder than most, relying as it was almost entirely on speculative purchasing and prices have fallen as much as 50% on some developments over the last few months. Dubai also faced the spectre of foreclosures and repossesions, and many are suggesting that the current untested laws will fall short.

Dubai hit hard by global downturn

Image credit
Property wire