The debt crisis of Dubai, has put a cross on the speedy restoration of its real estate market
Appeal one of the major state-owned companies in Dubai to creditors with a request to restructure its debt and deferred payments on loans has undermined investor confidence in the emirate and can damage all over the UAE real estate market.
About it reports Bloomberg referring to the statement by analyst firm Nomura Holdings Inc. According to experts of the firm, in 2010 the restoration of the property market in Dubai (remember that housing prices here in 2009 fell by almost half) are foreseen. Moreover - the cost of residential real estate in the emirate could fall even lower, and in Abu Dhabi, virtually unchanged from last year. The analyst firm believes that the II quarter of 2010 will be the lowest point of decline for UAE real estate market.
recall that on 25 November Dubai state-owned Dubai World said that he wanted to ask creditors for six months deferred payments on loans. This led to panic in world financial markets and fears about the new economic crisis.
As a result, the authorities in Dubai had to ask for help from the government of Abu Dhabi, which gave them $ 17 billion In honor of this event is rumored to have the tallest building in the world - Burj Dubai - was renamed the Burj Khalifa (President of the UAE and Abu Dhabi ruler named Sheikh Khalifa Bin Zayed Al Nahyan).
However, as reported investbank EFG-Hermes Holding SAE, the problem of Dubai had not ended. Total debt of the emirate may reach $ 170 billion, twice the amount of debt, announced earlier.
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