Dubai sandstorm to blast property prices back
Property in Dubai has been shaken to the core by Dubai World’s statement on repaying its debt and as confidence dwindles in developers Nakheel, a knock on effect may present an interesting opportunity.
Dubai’s wealthier, more stable neighbour, Abu Dhabi, has said that it will financially assist Dubai but only on specific projects and only under its terms. After that it’s hard to see where rescue financing will come from for the emirate.
The lack of credible, wide scale financial assistance is naturally denting investor confidence and many senior industry analysts are predicting a 20-30% drop in the value of Nakheel’s developments.
A difference is going to be seen within the market place as Nakheel is expected to experience a quicker, further and more prolonged slide in values compared to other lower profile developers.
For investors looking for property to buy in Dubai, this earth moving news could mean sooner than expected price falls, which may only present a short window of opportunity depending upon choice of developer.