We were the first to predict in July 2015 and have advised all our clients to get out of Dubai real estate ever since.
Our reasons were five fold:
1. Major oil price decline that began in 2014, longest ever, most sustained in history, until date.
2. Bans on Iran, Yemen, Bangladesh, Libya, Syria (now Qatar) and more countries (for trade, tourism, banking, visas, real estate, everything)
3. Massive currency drops in Russia, Nigeria, South Africa, Angola, Europe and more.
4. Five active civil wars in the region (Yemen, Iraq, Syria, Libya and Afghanistan).
5. Damage to every regional economy caused by ISIS and other terrorists across the region plus missiles flying all around.
Except for the bans, other 4 are external catalysts and, thus, are not within the control of Dubai/UAE.
We predicted at the time in July 2015, that if ALL 5 reasons mentioned above were to be reversed on one given day, then we would see a recovery begin, 6 months thereafter.
Even if 1 of the 5 reasons mentioned above did not happen ON THE SAME DAY, then there will NEVER be a recovery.
All 5 reversing simultaneously, and going to peaceful and stable/growth days of years gone by, is an IMPOSSIBLE task.
Fast forward to August 2018, we have been 100% accurate.