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Are Damac sniffles first sign of real estate cold?

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April 2, 2008 10:32 by



damac, palm, nakheel, real estateDamac has got itself into a sticky spot over the axing of its Palm Springs project. There are multiple questions surrounding the decision - not least Damac’s timing, it was reportedly happy with the project in February - but many will want to know how this impacts the wider Dubai property market.

The biggest concern is that Damac is not an isolated case, but the first (or most visible) sign that cracks are appearing. Are rising build costs threatening the whole market? Is a tightening of the housing market in the US and UK filtering through to the UAE? How will a dip in investor confidence in off-plan real estate play out?

Your thoughts are welcome.



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1 Comment

  1. Zoher on November 23, 2009 10:00 am

    I WONDER WHY NOBODY WRITES ABOUT LOTUS PROJECT OF DAMAC IN BUSINESS BAY , WHICH HAS MET SIMILAR FATE.
    THE PROJECT LAND IS OCCUPIED BY UNITED NATIONS.
    AND THERE IS NO PROGRESS IN LAST 4 YEARS

     

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