Will Issues in Dubai Scare Off Foreign Property Investors?
- Apr 29, 2008
Dubai, United Arab Emirates–Dubai’s recent legal issues and property scandals could hurt foreign investor interest in its rising real estate market, The Wall Street Journal reports.Persian Gulf states, the former Soviet Union, India and Iran have invested in the area; but earlier this month, the CEO of one of Dubai’s largest publicly traded developers was placed in jail. Another situation involving two disputes between European and U.S. investors have prompted questions about local regulatory and legal standards.The group of seven, semiautonomous emirates was the first Arab Gulf state to allow foreign ownership of property. An estimated $1.2 trillion worth of real estate projects are currently under way in Dubai.