Negotiations with Real Estate developers
Experts believe that tough time for the real estate industry of Dubai has not been over yet and the developers need to act more cautiously in order to avoid rising debts.
Craig Plumb, head of research, Middle East and North Africa, at Jones Lang LaSalle, expressed, "Clearly, there will be more investors who have decided not to pay for things that are never going to get delivered and if I was in that boat I would probably default as well."
Speaking at Jones Lang LaSalle's'Top 10 for 2010' assessment of the trends in the UAE real estate market, Plumb said that negotiations can prove a beneficial alternative in the lack of suitable acts and to mitigate the risks involved in legal course of action. Union Properties, Nakheel and Emaar are already negotiating with investors for covering the probable risks coming ahead in the way.
Regional Managing Director Blair Hagkull forecasted that prices are expected to remain flat in the current year. There are very few chances of large scale fluctuations in the prices. However, he was not sure about prices in the locations like Sheikh Zayed Road and Downtown Dubai which are expected to see fall in prices.
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