Dubai property boom halts as prices fall, jobs go
A real estate crash in Dubai would call into question the futures of millions of immigrant workers, many from India and Pakistan, and whether energy exporter Abu Dhabi would run to the rescue of its high-flying but poorer neighbour. “Villas that were very hot before the crisis have fallen. The buyers were chasing the sellers but now it’s the other way round,” said Quaid Abbas, property consultant at Engel & Volkers. “Small real estate companies are going to close down.”
Secondary prices in Dubai and Abu Dhabi fell 4 to 5 percent, with Dubai’s advertised villa prices falling by 19 percent month-on-month in October after several banks tightened lending conditions in August and September, HSBC said.
More doom and gloom on Dubai’s future - read the full story from AOL Canada here……
