Sunday, May 24, 2009

Britons face losing savings as Dubai property market collapses...

Britons who invested hundreds of thousands of pounds in unbuilt property during Dubai's boom years face losing the money after a collapse in the market.

An 800-strong group of investors, from individuals who put deposits on holiday flats to property brokers, says hundreds of millions of pounds is at risk. 

Work has slowed or stopped on swathes of building sites, including on a second "Palm Island". The city was planning a series of artificial peninsulas in the shape of palm trees packed with seafront holiday villas, but only one is finished. More...

See also:

  1. The dark, dark, dark side of Dubai...
  2. Dubai's exploited workers, the untold and never-ending story...
  3. Torture tapes implicate United Arab Emirates royal sheik...
  4. Dubai: exclusive Jumeirah Beach transformed into cess-pool...

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