When I last time went to Dubai I was fascinated with the construction activity happening in and around Dubai. The number of projects here were so many that Dubai accounted for the world’s 50% of the cranes. The palm by Nakheel developers, Burj Dubai - tallest building in the world –being some of the prestigious developments.
Now I hear that there are no buyers for the luxurious palm villas and the Burj Dubai – Tallest building has been put on all due to a credit crunch. I had always had the feeling that the real estate scenario in Dubai was a bubble which was about to burst. I never could not justify the actual demand for so much of commercial and residential property in a small kingdom whose main economy was tourism and business trading. Dubai even does not have an oil unlike its neighboring state of Abu Dubai.
So with the latest development of Abu Dhabi bailing out Dubai of all its loans shows the reality.
Conversion Funnel
13 years ago
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