For property owners and real estate investors in Dubai the unfolding debt crisis in the emirate has offered yet more unwelcome news.
'This is a nightmare. We thought things were getting better but now, with this impact, it has set back our plans,' said one British expatriate, who owns two properties in the Burj Dubai area.
'There have been signs of recovery over the past few months, but now we don’t know where this leaves us.'
The property she bought for Dh2m is now worth Dh1.4m ($380,000, €250,000, £230,000), but analysts are saying prices could fall a further 30% next year.
Financial Times, The National