Credit conditions for real estate projects are worsening and the viability of some developments needs to be re-examined, the head of Dubai Islamic Bank (DIB) said on Sunday. The days of cheap money are gone, be prepared to pay more, Khalid Al Kamda said at a real estate conference. DIB is one of the Gulf’s biggest lenders and a key player in the massive developments in the UAE. Real estate will suffer; big real estate projects will be revisited. put on the back burner, he said. The viability of these real estate projects will need to be revisited.
Read the rest of this entry »
December 20, 2008 at 10:35 pm
The properties in the Gulf were extremely over priced, and with no explicit actual demand to support it, it was something which would gt hard to manage once all the properties would reach completion. It seems a dangerous game currently, lets see how things turn up next year.