January 20, 2010
After a dramatic drop in the housing prices (60%…pretty wild), a group of Chinese investors think that Dubai’s real estate market has bottomed out. Time for some ol’ fashioned bargain shopping. But is the market really at bargain prices yet?
Prices in the emirate were this week forecast by UBS to fall another 30 percent from current levels as the bank believes there could be up to 150,000 units lying empty due to the oversupply in the market. Arabian Business
Maybe Dubai is just in a slump– but maybe it’s on its way out. I mean, what do they actually produce anyway? They basically specialize in finance and tourism. Those industries don’t exactly have a reputation of stability and longevity.
Let’s hope Dubai’s going to figure it out though…for the sake of those who believed in emerging markets and for those of us who haven’t yet been able to visit the lavish playground that is Dubai.