SeaBee posts about a real estate project in trouble in Umm Al Quwain (another lesser Emirate). The project cannot get, you guessed it, electrical power, water and sewage. The government claims that providing those services is not their responsibility so Tameer, the developer, is putting the project "on hold". I don't know how it works in the real estate game, but in oilfield construction projects that phrase was the kiss of death that no project manager wanted to hear. I'm sure the investors feel the same way.
Methinks the bubble is looking a little thin right now. People who prepaid for these developments are losing their investment. It won't take long before concern for the stability of Emirates real estate investment is called into question and potential investors will dry up like spit in the Rub' al Khali. It will make the sub-prime crisis look like pocket change.
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