WE’RE CONCERNED ABOUT: Dubai (2)

dubaiskyline

The bad news machine continues to hum along at full throttle over in the desert emirate of Dubai. As we reported some two months back, Dubai is both suffering from a lack of liquidity and clamping down on media outlets trying to report on its economic crisis.

Now it appears as if the government is taking steps to thwart full-scale economic meltdown. A new law has just been passed allowing Dubai’s developers to cancel housing projects if they do not begin construction within in six months of their official approval.

The move already sees some 27 high-profile developments at risk of default status. Overall, local real estate watches say the law could see a full 25 per cent of Dubai’s literally hundreds of developments ultimately scrapped.

Scary!

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: