Moving forward

The global financial crisis and how it is affecting the real estate market in the Gulf and around the world is a topic of conversation currently on everyone's lips.

Some business leaders are trying extremely hard to push it to the back of their minds as if in denial, others are worrying about the security of their businesses and jobs.

Make no mistake. The impact of the credit crunch on the real estate sector globally and in the Gulf is real...and unfortunately I can prove it. Some real estate brokers I deal with on a day-to-day basis are suddenly being made redundant.

Others fear they won't have a business by late spring. Some developers are delaying projects and banks are putting a stop to home loans. These are difficult and unnerving times for sure.

News reports covering the real estate sector are full of doom and gloom. You only need to switch on the television or go on the Internet to see that. But there are also plenty of people that appear determined to ride out this troubling storm.

Financially, some will have no choice but to keep going in the hope that the sun begins to shine on the industry soon. Others have made the decision to go for it, to give everything they've got to an industry they love and which until now has given them great rewards.

Everyone, including different analysts from different countries have their own opinion on this crisis and how long it will last. I will add only two little words to go along with what every real estate analyst on the planet is saying: Hold On.

Kim Latham is the editor of Arabian Property English.

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