driftwood2

Is Dubai a Better Play on Real Estate Recovery Than the U.K. or U.S.?

Dubai is toast for a good 10 years. RE falling by half is not nearly enough to reach the bottom in a ridiculous place like dubai. I might be interested in dubai after their prices reach the same level as other tourism towns like Rio. The entire economy of Dubai is based upon nothing except tourism and high oil prices. Since the economy of the Mideast consists of nothing except oil and the price of oil is low, Dubai has lost its greatest impetus. Seriously, the only thing driving Dubai was financial leverage invested in one ridiculous scheme after another. With all the banks having imploded, that driving force is gone now.