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Off plan sales cool off in Dubai
- United Arab Emirates: Tuesday, October 28 - 2008 at 09:13
Real estate agents and analysts in Dubai say demand remains strong for completed property in the emirate, but interest in off plan property appears to be drying up, AP has reported. Some investors who had hoped to see double-digit or better annual returns are now looking simply to cut their losses on unfinished properties. At the same time, banks are tightening the rules on who can get a loan, and for how much, which means many buyers no longer qualify for mortgages at 10% down.
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