I was recently in Dubai looking at the market there and the stats are a little bemusing. There are permissions granted to build 1.9 MILLION apartments/houses by 2010. Many projects are delayed at present due to bad project management, reworking of apartments due to bad quality work, and their mistreatment of workers. Since the fall of the US dollar, quite a few Indian and Bangladeshi workers are staying at home as it is not worth their time going to Dubai any more. Also, the horrific safety standards there have killed several workers last year, notably when a section of a bridge linking Palm Islands collapsed.
Against this is the fact that reasonably-priced office space is practically unobtainable in Dubai, and that serviced apartments are enjoying 80%+ occupancy rates.
These are all facts. I do not wish to influence any decision about whether or not one should invest in Dubai.
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