Sheikh N Bake
Joined: 26 Apr 2007
Posts: 1307
Location: Dis ting of ours
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 Posted: Fri Mar 13, 2009 5:16 pm Post subject: Dubai troubles, continued |
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A friend of mine in Dubai writes:
"Since Abu Dhabi gave Dubai $10 billion (once, a lot of money, but now a pittance) some work has resumed.
"In the weeks before the bailout, I saw no one working on the Metro, and all of the building cranes stood empty, motionless, and silent. Now, there are crowds of the Boys in Blue gathered on the Metro, and a few of the cranes are moving again.
"Not sure how long it will last.
"Property values are hard to assess: people who saw queues screaming for the opportunity to pay $1 million last July now find no takers at $200,000, but are not cutting their asking prices to the $100,000 or so at which the properties would sell. So the market isn�t clearing, and, a fortiori, accurate pricing is impossible." |
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