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Even Dubai is Feeling the Pinch

Posted by: Tim Halbur

7 October 2008 - 12:00pm

Cityscape, Dubai's annual real estate showcase, paints a rosy picture of the booming city. But even Mideast moguls aren't immune from the global financial crisis.

"Dubai property prices have rocketed in the few years since the United Arab Emirates opened its market to foreigners. However, sky-high oil prices that have long fed the region's economic boom are falling back. Borrowing costs have soared amid a regional credit crunch. The government has been investigating a handful of the city-state's top real-estate and lending firms. And international and domestic investors are taking money out of the region's once-frothy stock markets.

Still, exhibitors inside the show's sprawling exhibition halls presented an optimistic picture."

Full Story: In Dubai, Show Goes On for Property
Source: The Wall St. Journal, October 7, 2008
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Even if the report overestimates the costs by a factor of two and underestimates the tax-benefit by a similar amount, the conclusion would be pretty much the same: destination resorts cost local government and taxpayers money.
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