Dubai is broke - is now the time to buy? ; New visa laws and plunging prices may yet lure the expat retirement crowd
Summary
The world's tallest building, the 160-storey Burj Dubai, opens in September ... and will tower over the property wasteland of downtown Dubai. After stunning the world during six years of extraordinary boom, Dubai is now doing so again - in reverse - with an economy on the verge of collapse and property values plunging by 40 per cent in a year, more than anywhere else apart from Latvia.
Some of the biggest and gaudiest schemes, including the Dubai Trump Tower - Donald Trump's first project in the UAE - and The Universe, a cluster of islands in the shape of the solar system, have been abandoned.See the full content of this document
Extract
Dubai is broke - is now the time to buy? ; New visa laws and plunging prices may yet lure the expat retirement crowd
'Basically, Dubai is broke,' says Robin Bowman from investment company Property Secrets. 'It's paying the price for over-ambitious attempts to transform itself into a true world city almost overnight and it has gone from what seemed like one of the most dazzling places on eart...
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