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.
More on Dubai International Property Show a Flop and Another Broker in Dubai Goes Under
The global downturn has turned dreams to nightmares for many expats in Dubai. Dubai developers are shedding staff as fast as orders and projects are canceled. Unfortunately, what this means for many is a hasty retreat from the country. As soon as a redundancy notice is issued, work visas are canceled, which means one month to get out of the country.
More on Dubai Dreams Sour – Expats forced to skip and Oil spills continue
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.”
