It was interesting to read the reflections of The National columnist Frank Kane on the Dubai property market after a dinner party hosted by HSBC recently. His conclusion from the event, which may or may not be the bank’s official line was that ‘Dubai still has the millstone of the property crash around its neck’.
There is indeed a gloomy school of thought among bankers that sees real estate as the big negative: the debts, the empty real estate, the drag on the future growth outlook. Yet these are the same bankers who would definitely not have advised you to buy a house in Dubai in 2002-3 when the boom first started.
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