International Real Estate Update - Dubai, United Arab Emirates:

According to the Khalee Times newspaper, Dubai real estate and housing prices are likely to slump 37.5% on average this year.  Prices will probably bottom out in 2010, according to the median forecast of ten analysts at research institutions, investment firms, and banks.

Sajeer Babu, an equity analyst at the National Bank of Abu Dhabi said they do not see any near-term recovery in the residential real estate market.

Hundreds of billions of dollars of expansion projects in Dubai have since been canceled in the United Arab Emirates.  Thousands of employees have been laid off... Remember the Luxury units on the Palm Jumeirah, a man-made island shaped like a palm tree when you look at it from an airplane, those real estate units have fallen in price at least 40% since last Fall, said the Khalee Times. 

Posted by:  Carol Best | Coldwell Banker in Barrington, IL
Carol@CarolBest.net | www.CarolBest.net

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