Friday 27 February 2009

Property prices and population falling in Dubai

Apparently the global financial crisis is hitting hard in Dubai, especially with property prices. However, the video I watched claimed "there is not a buyer in sight" and that prices have dropped "dramatically", while giving examples like an 800 000 Euro apartment dropping in asking price to 720 000, and having nobody even willing to rent it. Now, I might not have a great understanding of real estate, but it seems to me that if there are literally no buyers anywhere, then a 10% drop in price is not likely to bring them swarming in. With people fleeing Dubai so quickly that they're abandoning cars at the airport, it seems likely the place has a long way to fall yet.

Mokalus of Borg

PS - Of course, lowering prices slowly is the way to ensure you get the best deal as a seller.
PPS - And crisis or not, Dubai is still a luxury place.

1 comment:

Anonymous said...

People should learn from this down side curve that things go up sharply and come down even more sharply. People made hell of a money investing in Dubai so its give back time.