Property in the UAE

There are worrying signs in the United Arab Emirates (UAE) with suggestions that the authorities are looking to push through a significant change in media reporting under the guise of cleaning up reporting standards in the region. A new 45 article law has been introduced by the National Media Council, which is in effect the government arm for all media issues, which looks set to replace the existing Publications Law that have been in place for 28 years.

How strange that just prior to the US credit crunch there was no market in the world quite like the Dubai and United Arab Emirates property market. Investors were literally falling over themselves to get exposure to this area of the world, banks were doing record levels of business and the local authorities were more than happy with the substantial increase in the area's profile.

However, once confidence starts to seep from the market it can be very difficult to turn the situation around as the snowball effect comes into play and everybody joins in the damnation of the market.