European Money In Uae Realty Sector Could Dry UpWednesday, September 17, 2008
Dubai: For the last few years, Dubai's world-famous property market has been the life and soul of the party and has had unwavering faith in its unprecedented success and rocketing growth. While western markets have been depressed under the global credit crunch, with people tightening their purses and saving money, Dubai has been safely tucked into the Gulf, building extravagant developments and watching money flooding into the real estate sector. However, in the light of the collapse of Lehman Brothers, Barmak Besharaty, managing director of Al Mas Capital, said European Union money coming into the UAE's property sector will dry up. People don't have the money in general to buy properties over there [EU]. A lot of capital is pulling out of this region. Money flows will head out. Source: Gulf News
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