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Wednesday, 14 March 2018

No Rebound for Dubai Property as Slump Drags On - Bloomberg

No Rebound for Dubai Property as Slump Drags On - Bloomberg:

"Four months after rejecting a broker’s advice to slash his rent demands on a new Spanish-style villa in Dubai, the homeowner was ready to accept a 20 percent cut on the still vacant property. The broker, Akbar Ladak, wasn’t surprised. More landlords are accepting that they have to lower their sights, and for every one still holding out for a long-anticipated market rebound, plenty of others are willing to take what they can right now, he said. Dubai has seen predictions of a property rebound miss the mark again and again over the last two years. Optimism about a recovery in 2017 has given way to quiet resignation that the slump may persist for two to three years after oil price increases, key to the Persian Gulf sheikhdom’s economy, failed to spark an expected jobs boost."

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