Thinking of buying an investment property in Dubai? Wait and see is our best advice right now. The credit crunch is having a big impact in the UAE, and particularly in Dubai, where many ex-pats went to work in the construction and real estate sector, only to discover they had 30 days to find another job or get out of the country when their job vanished along with the rest of the credit market.
Things do seem to be hotting up in the investment property world, and I don’t mean burning down hot as seen in the recent Australian bushfires. Volatile is the word that comes to mind. As developers and agents try to combat falling prices, we are starting to see some interesting approaches. Most of Manhattan seems to be up for rent at the moment with luxury condominiums in Manhattan completely failing to sell.
As usual, it is hard to sift the genuine information from the press releases coming out of the UAE. To read some stories, anyone would think that the global financial crisis has passed the region by. According to Business 24/7 “Sweet Homes, an Ajman-based developer, said it will not lower selling prices for either of its two projects.”
