Luxury Real Estate Market Report

As the banks crash, needing more and more government assistance just to survive, the luxury real estate market is beginning to feel the effects. Some places are harder hit than others. Specifically, the luxury condominium markets are having a very bad time of things. Massive over building, combined with unrealistic selling prices and lack of funding mean huge drops in values in some markets.

The incredible amount of property for sale in Dubai continues to grow. Basically, nothing has sold for the last 6 months. Dubai recently issued a $20 billion bond, $10 billion of which was immediately bought by Abu Dhabi, effectively means Dubai is now owned by it's bigger oil-rich neighbor.

Vancouver is the latest market to be hard hit, and hard hit is an appropriate description. The law suits are starting to fly and the Vancouver luxury real estate crash is well under way.

New York is finally accepting that those vanishing Wall Street bonuses mean vanishing luxury condo buyers. No more multi-million dollar pay packets means no more multi-million dollar toys. Say good bye to the bonus culture for the next few years at least. Barrons think prices have already fallen 20% and will fall another 30% soon. Optimistic I feel.

Dubai's luxury real estate market is crashing hard