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Oversupply Hits Many Other Glitzy Markets

October 16, 2009

Analysis of:Quarter of homes lying empty in Dubai | business.rediff.com

The 25% vacancy rate in Dubai is one more outcome directly related to hyperinflation in housing which is unsustainable in the new era of illiquidity. Even the previously unassailable American conclaves of wealth, privilege and luxury (Vail Village and Aspen, Colorado) show the inevitable drag of diminished wealth and the painful consequences of de leveraging, and moreover the fear that the worst is far from over. Market forces, regardless of the pain are the only lasting corrective measures.

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