Wednesday, November 12, 2008

"Survey Signals Dubai Housing Boom Has Ended" (WSJ)

Even Dubai is on the real estate roller coaster:

"This city's six-year property boom appears finally to be over, with asking prices for some homes here falling as much as 19% in October from the previous month, according to a closely followed survey.

Home prices were climbing sharply as recently as the first half of this year. But over the summer and fall, tightened local lending collided with the global financial crisis to choke off easy credit. That scared away buyers, especially local and international property speculators who have helped fan years of price increases..."


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