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Article: Bur Dubai: Flat goes the market.
- Article from:
- XPRESS (United Arab Emirates)
- Article date:
- May 27, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Bur Dubai, once one of the most sought after locations to live in Dubai, has become the latest victim of the economic downturn.
Falling demand has resulted in apartments being vacated at an increasing rate, with fewer people wanting to move in.
Real estate agents said the situation is the worst they have known in the last five years and they are not hopeful of a quick turnaround.
They blame the troubles on a large proportion of tenants losing their jobs or having to accept lower salaries, thus making it almost impossible to rent in traditionally one of the most expensive areas of the city. lower rents, no takers
Despite around a 25 per ...