The recent downturn in Dubai’s economic fortunes is having a knock-on effect on the US commercial real estate market, and could stifle emerging shoots of recovery in the US economy.
State-owned investment company Dubai World announced that it wanted to restructure its $59m debt, which could mean a sell-off of some of its most important properties at low prices.
The news triggered an immediate fall in the Dow Jones US Real Estate Index of 2.9%, almost double the drop of other indexes in the US market on the same day.
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