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techno_bull

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techno_bull

Re: mas post# 74733

Wednesday, 01/21/2009 11:35:14 AM

Wednesday, January 21, 2009 11:35:14 AM

Post# of 151836
If you think the 'end of the age of excesses' doesn't apply to Dubai, think again.

http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/3489393/Dubais-Palm-Jumeirah-sees-prices-fall-as-crunch-moves-in.html

From the article, BTW this article was written in Nov'08, real estate prices have gotten worse since then:

Property prices on the Palm Jumeirah, the island in Dubai that has been dubbed the ‘eighth wonder of the world’, have plummeted by as much as 40pc since September amid fears that the global credit crisis is stalling the emirate’s economy.

Meanwhile buyers are struggling to get mortgage loans in the region. Dubai Islamic mortgage lender Amlak told Reuters today it had suspended new mortgage loans as Dubai’s real estate sector shows further signs of stress.
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