Foreign Buyers Discouraged By Limited Loans
Many foreign buyers are interested in various hotel properties in Dubai, but discouraged by the limited availability of loans. CB Richard Ellis manager Amine Hamdani said the return on investment in 5 star hotels is much better in Dubai than in Paris. She said Dubai properties generate about 35% net income for investors compared to 15% for properties in France.
Hamdani explained while more international buyers have expressed interest in Dubai properties few are selling. Jones Lang LaSalle company said internationally hotel investment may drop up to 58.3% because of the ongoing global financial crisis. Deloitte & Touche hospitality director Alex Kyriakidis said the main problem now is lack of financing. Alex Kyriakidis said “There are owners who want to realize value or attract partners and there are interested buyers in the Dubai hospitality industry, but the problem which will continue for at least the next six to nine months is the lack of credit.”
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