Skip the Obama button for now.I bought today's newspaper because of the headline: "Sulayem Rules out Drop in Dubai Real Estate Prices." I was not sure who Sulayem was but anyone able "rule out" a drop in prices must be pretty powerful.
It turns out the headline was misleading (to me at least). Mr. Sulayem is the Chair of the Dubai Group, the major real estate developer. And his ruling out was NOT in the way of "I command prices to remain constant." It was ruling out prices falling in the way of "it's just not going to happen." He's making the case that the financial conditions here are strong enough to withstand the global meltdown. If he stopped there I'd be very skeptical. Every dot.com explained why they were not like the others in 2000, only to declare bankruptcy two weeks later.
Mr. Sulayem points out that demand for housing is still outpacing supply. Therefore, prices shouldn't drop. Sounds reasonable. There is nobody who is going to say we've reached a housing glut in this country.
Why did I add the Obama button? Because if that one is elected and his socialist policies are enacted HE will dictate prices. Not that anyone will be able to afford a house...
Halloween is almost over.
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