NEWS: How Bad Is Dubai’s Property Slowdown Actually Going to Get?
Anyone here experience this in 2008?
"Dubai's real estate brokerage sector is
entering a sharp period of consolidation as the market
slowdown squeezes smaller agencies, with industry
executives warning that thousands of firms may disappear
over the coming months.
A leading property search platform has predicted that up
to 30 per cent of agencies active earlier this year could
cease operating within the next five to six months as the
downturn reshapes the emirate's property sector.
Executives from some of Dubai's largest brokerages said
the market correction, which follows a six-year boom in
property prices, is exposing weaknesses among smaller
and less experienced operators that flourished during the
bull run.
Richard Waind, CEO of Cencorp Group,which owns
Betterhomes, CRC and Lindas Real Estate, said the industry
had expanded to an unsustainable level during the recent
boom years."
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