Dubai debt woes may hit US property market | WHAT REALLY HAPPENED


Dubai debt woes may hit US property market

“This downturn has had more of a global impact,” said Tony Ciochetti, chairman of Massachusetts Institute of Technology’s Center for Real Estate in Cambridge, Massachusetts.

“Dubai may have to unload some very prestigious properties at distressed prices and this will drive the price of all commercial real estate lower,” wrote Richard Bove, a banking analyst at Rochdale Securities in Lutz, Florida.

In the United States, Dubai World’s portfolio includes several well-known properties, and the fallout could have a larger impact on the entire real estate market.

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