Boom to Busted Glass as Dubai’s Brokers Chase Ebbing Sales - Bloomberg Business:
"The jagged hole that used to be the glass front door of Dubai’s S&K Estates Agents sums up the state of the city’s home-selling business.
Someone smashed the entrance after the company known as Smith and Ken shut down its offices overnight, citing a “drastic” drop in first-half revenue. The dearth of deals that sparked S&K’s collapse and the loss of 80 jobs is likely to cause more pain in the Middle East’s biggest and most volatile property market.
Dubai’s property brokers, some of whom earned more than $50,000 a month when real estate was booming a couple of years ago, are struggling as prices fall and deals dry up. With more than 5,500 real estate agents closing 7,400 deals in the first half, there’s not enough business to go around."
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