Summary
Close on the heels of the overall global economic scenario, property investors in the much hyped and speculated Dubai markets got a rude awakening towards the 4th quarter of 2008 . Buildings in the desert were rising like lego blocks .Designer Apartments, Apartments offering all kinds of amenities leading to nirvana, villas set in the ocean on the fronds of the palm,miniature versions of different countries part of the much hyped about World Project.Bollywood stars like Shahrukh Khan competed with International bigwigs the Beckams,Hillary Swank.... Alas all the glitter and glamor were not to shine bright for a long time. With the economic slowdown came the pink slips and the heavy loan payouts were looming closer every month..To add to the misery the absence of a Local Residency not being possible made it difficult for the new owners to meet the loan commitments. Several high rises dot the horizon waiting to welcome their occupants..
Analysis
While the financial sector is the one facing the maximum brunt..one cant but help think of the investors who once had a dream of owning a piece of the Golden City in the desserts and pitching in their tents for a long long time to come.
