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Property Prices Drop 41% in Dubai

Posted by: Nate Berg

6 May 2009 - 6:00am

The recession digs into Dubai, where property prices fell 41% in the first three months of 2009.

"It is just the latest indication of the extent to which Dubai's property boom of recent years has come to an end in the face of the worldwide recession."

"Colliers said prices had fallen as global finance has dried up and job opportunities in Dubai have declined."

"The 41% drop in prices between January and March followed an 8% fall in the previous three-month period."

Full Story: Dubai property prices 'fall 41%'
Source: BBC, May 5, 2009
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“
Maybe we should blame Thomas Jefferson. He was the godfather of the urban sprawl racket in America.
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