Thinking of investing in property in the UAE? The latest news from the region does not bode well – at least in the short term. Emirates business did a survey of real estate agents in the United Arab Emirates and discovered the consensus was “losses running into high double-digits,” for most agents. I am not quite sure what “losses in high double digits,” actually means, but it does not sound very good to me. Lost 99 dirhams?
You can almost smell the desperation emanating from the UAE at the moment. The latest in a long line of cancelled projects is the “Salam,” a luxury hotel resort that had been planned om the beach front close to Bahrain’s formula one track. Bahrain’s Nass Corporation and South Africa’s Murray and Roberts Holdings were due to build the luxury resort in a joint venture.
More on Dubai Property Crash Spreading Across UAE – Luxury Resort Scrapped – Confidence Level Falls
