The global financial crisis has hit Dubai particularly hard and Dubai’s property bubble has burst in a big way. Banks and property companies are renegotiating or defaulting on contracts left and right. The lawsuits are already starting to fly according to Reuters news agency.
The biggest investment listing of 2008 in Brisbane has been withdrawn from the market. Even so Brisbane, which has recorded $730 million in CBD sales is in marked contrast to Sydney. Sydney, according to Jones Lang LaSalle has only had a handful of commercial sales.
Another British property consultant, Jones Lang LaSalle, announced the fact that it would be making redundancies this year. A spokesman stated:
In light of the current challenging financial and economic climate, the company has taken the difficult but necessary decision to make 60 to 80 redundancies affecting employees based in England.
No surprise really, and according to homemove back in April, a third of British estate agents could be forced to close.
Large discounts from property developers, dropping prices and a dwindling amount of transactions might be frightening away the individual investor, but seem to be attracting more groups of international investors in the Chinese property market
More on Real Estate investing in China – dropping prices attract an international crowd
