Picture Copyright The National Newspaper Abu Dhabi
This probably consists of piling on, but I just couldn't resist quoting this headline from The National Newspaper in Abu Dhabi.
And this absolutely delightful quote:
“A large number of brokers have left and the same with developers. There’s been a lot of correction. Going forward, you’ll have a much maturer market. People are now aware of the risks.”
Usually, it's considered better form to be aware of the risks before the project heads south. But as those rich visitors from up North say, "Лучше поздно чем никогда".
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1 comment:
Risk awareness? I think the only people who got stung by the crash are those who got greedy.
Developers: Intelligent Developers rarely invested more than they could afford to lose. At least once offplan sales recouped the land purchase, let's say a third of their investment, but the only real money they spent. All others were either crooks or only have themselves to blame.
Buyers: ditto, and of course they can blame their losses on the absence of laws and regulations... Or can they? Anyone who bought offplan without any guarantees (escrow?!) was either a speculator or an over-optimistic fool. Neither will be missed.
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