Cookies on the this website
We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on this website. However, if you would like to, you can change your cookie settings at any time.
Continue

New to PropertyWire?

Welcome, and thank you for visiting our website.

PropertyWire is the leading publication for property investors and industry professionals interested in the world of international property investment.

Our aim is to give you intelligent commentary and analysis on the world of retail and commercial real estate.
If you've enjoyed what you've read so far why not sign up for our FREE property alert and online magazine PropertyWire Confidential.

Every week the PropertyWire team sends out a hard-hitting newsletter packed with news and analysis of the top stories plus the best investment opportunities on the market. We always look at the bigger picture like the Euro Crisis, and explain how this will affect YOUR investments.


Ask me later
No thanks

Tue
Sep 16th
Lost Password? Register
Home arrow News arrow Middle East arrow Dubai real estate business in trouble as property show opens in muted mood

Dubai real estate business in trouble as property show opens in muted mood

Monday, 16 February 2009
Dubai real estate business hit by economic downturn
Dubai real estate business hit by economic downturn

A Dubai based real estate business has become a victim of the economic downturn and been forced by the credit crisis to close, it is reported.

Milford Real Estate, which was established in 2002, is one of the first full casualties of the property collapse in Dubai which has seen prices plummet by up to 50% in some areas.

Pam Brown, general manager, told a local newspaper that the business had folded. When Property Wire tried to contact the business today all telephones were on answering machine with a message saying that no one was available to take the call.

The company has between 20 and 28 employees in two offices, one on Sheikh Zayed Road, the other at The Harbour Hotel and Residence at Dubai Marina.

The business sold a range of property in Dubai as well as the other emirates, from luxury island villas to high tech metropolitan style apartments.

The news came yesterday on the opening day of the International Property Show in Dubai and added to the depressed mood. 'These are the difficult times and we must admit the reality and then find the solution,' said Abdullah M Al Shizawi, managing partner of Heart of Capital.

'Last year, visitor turn out was amazing and we had number of good deals. But today there are almost no visitors,' he added.

Dawood Al Shirawi from the Strategic Marketing and Exhibition, the event organiser said that it was challenging. 'Right now the local market is going through the correction period due to the global recession,' he said. Only serious investors are visiting the fair to check the pulse of the market, he added.

Those attending this year's show are hoping that lower prices will help to kick start the struggling property market soon.

However Shaikh Mohammed bin Khalifa Al Maktoum, Chairman of Dubai Land Department said at the opening that the industry needs to look to the future. 'Dubai will be the fastest city to recover from the impact of the ongoing credit crunch, and the emirate's real estate sector will once again witness a period of long term boom,' he said.

'However, developers need to remain focused on their goal of continuing with the projects that they have already started and ensure that these projects are delivered on time,' he added.


BOOKMARK THIS PAGE (What is this?)     Digg!Reddit!Del.icio.us!Google!Live!Facebook!StumbleUpon!Newsvine!Furl!Yahoo!

 
Related News
More Recent News
Earlier News
To see all the latest news articles in our monthly online magazine, Property Wire Confidential, sign up free here






West Tower

West Tower

Car park

West Tower

home rental guide

Limousin Guide

Barratt Homes

Limousin Guide

West Tower

Middle East: Top Headline

Aviation growth in Dubai set to boost real estate sectors, it is claimedAviation growth in Dubai set to boost real estate sectors, it is claimedThe real estate sector in Dubai is expected to emerge as one of the principal beneficiaries of the development of Al Maktoum International Airport, according to property firm Cluttons.

Search for Properties:

Feature story

Student accommodation investment check List

It’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.

 

Company news

Estate and lettings agents UK advert campaign launched

The National Association of Estate Agents (NAEA) and the Association of Residential Letting Agents (ARLA) have launched a new regional TV campaign to raise awareness among consumers of the importance of using an NAEA or ARLA licensed agent.

Finance Update

Barclays trims mortgage rates to attract more first time buyers

Barclays has launched new and reduced mortgage rates which it says will support first time buyers and those customers with a smaller deposit.

Features

Student accommodation investment check List

It’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.

 

Newsletter

Subscribe to our weekly newsletter and stay updated on the property market trends.
Subscribe now >>

Subscribe to our Middle East property and real estate news feed (RSS)