Credit crisis coming to Dubai
By suratBG - Posted on October 7th, 2008
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Financial experts warned banks in UAE and the GCC about the impact of the US financial crisis and the possibility of hitting the Gulf region especially with expected slow down in real estate investments..
Do you think this will have a big impact on Dubai's economy?
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Dubai will have some problems I suspect; there so so many housing units coming on, there will be a knock on the prices unless the government intervenes to help the market and prices. I think it is likely the government intervenes ..
I think the falling oil price will become an issue for Abu dhabi, but not for Dubai since Dubai is not so reliant on oil revenuew
Dubai has based its entire economy on "past growth will continue", but there is no basis to support it. I think some hardtrouble will come to Dubai, if it already has not come.
All those people with properties as investment will sell for a profit and whoever buys it will wonder what to do as value of the property goes down... so far there's been very good PR on real estate deals, people making really good money, but can it continue forever?? there will be some "correction" in the market
No problem for Dubai, I think. It's a resilient economy.