Dubai drowning in debts
With the global economy crisis hitting first before any other the real estate business, who do you think would suffer the most? Dubai, the world’s fastest rising city is suffering severely not only from the lower real estate prices, but with luxurious originally worth 800,000 euros 200 square meter apartments and the like are lacking any buyers, even after price cut. The crisis is so bad, and with Dubai’s international borrowing debts closing date approaching later this year, the Dubai government have stated they will be issuing $20 billions in long term bonds, $10 of which as a first installment, to help Dubai through the crisis.
