Is it Really Doom in Dubai?
Thursday, August 21st, 2008 
Posted by OP-Mall in 
Palm Jumeirah Island
Is Dubai heading for a property melt down? Recent reports by Morgan Stanley and the WSJ suggest so but we think otherwise.
According to the WSJ, property flipping has not only become a sport of sorts for investors, but a very profitable one at that.
When the Emirate allowed foreign property ownership for the first time in 2002, real estate transactions were estimated to be around AED38.7 billion Dirhams. Last year, this figure rose to AED462 billion Dirhams which relates to US$125.8 billion roughly.
The RERA (Dubai’s Real Estate Regulatory Authority) is looking to crack down on the practice of property flipping in the emirate.
