hello,
YES the Dubai property market is in crisis. I have two reasons to say so:
1 - Banks are not lending any money to real estate company, brokers, agents etc...
2 - Dubai property market is standing still.
There are many factors that you may have read in the papers that indicate the above:
- Land owners have been given a new payment schedule;
- Developers are reviewing their client payment schedule;
- Developer are canceling or holding on new projects;
- Banks are not loaning anyone int he business;
- International investors are holding their investments in the country;
These are only few of the points that i have picked up...many are still hiding. My insights are saying that more issues will show up in the near future. Price will drop even lower!!!!
However, i highly recommend to investors NOT TO PANIC...more about it later.
Be well, property consultant
propertyconsultant
dubai property crisis
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