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Do you think Dubai’s property crash has tainted the emirate’s image globally?
The results are in
January 18, 2009 2:30 by Dana El Baltaji
With the property crash reaching a gut-wrenching crescendo, we wanted to know if Kipp’s readers felt the emirate’s image will ever recover. The largest percentage of voters, 44 percent, feel that Dubai’s image has been damaged irreparably, whereas 40 percent acknowledge that the emirate’s image has been damaged, but are confident the emirate will recover. Only 13 percent think Dubai’s image has not been affected by the property crash.
Finally, a mere 3 percent of Kipp’s readers think Dubai rocks.
The results reflect the market’s negative performance in the latter part of 2008. Dubai’s property market experienced an 8 percent drop in prices during the fourth quarter of 2008, the first price drop since the emirate made foreign ownership legal in 2002, according to Colliers International. “Tighter liquidity, more selective lending and growing negative sentiment are all bringing about these changes,” said Ian Albert, the consultancy’s regional director to The National.
The first quarter of 2009 will prove to be crucial for Dubai and its ailing image. Perhaps, with the government’s help, the emirate may introduce more stimulus plans to help boost the real estate sector again, giving investors reasons to feel confident in Dubai’s development plans. Until then, it is difficult to determine whether Dubai’s image will be tainted permanently.