Saturday, 11 April 2009

Difficult couple of years ahead for Dubai

Dubai Government officials have tried to sound upbeat in recent days, saying that the ‘bad times’ are now in the past, and that might be technically correct - with property and equity prices now so low that the additional possible downside is limited. Yet there are few in local business who do not see a hard road ahead.

Dubai Land Department figures showed some buyers getting extraordinary bargains last week with a total of 12 villas changing hands for an average of $286,000 each, and 535 apartments sold for an average price of $193,000. Agents talk of ‘distress selling’ and indeed at these price levels the downside is relatively low for buyers.

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