Dubai real estate company shuts down

Sunday, 15 February 2009 3:49 PM

Dubai-based Milford Real Estate was forced to cease trading on Sunday, making it one of the first full casualties in the emirate's property industry of the global economic downturn.

Pam Brown, general manager, confirmed by telephone to Arabian Business that the firm, which was established in 2002, had now folded.

Between 20 and 28 employees are thought to have lost their jobs at the firm's two offices, with the main branch located on Sheikh Zayed Road.

One former employee, who wanted to remain anonymous, said: "Business was shocking, it was very tough out there. A lot of other agents are struggling too."

The company opened a new branch at Dubai Marina in The Harbour Hotel and Residence last summer just as the world's economic climate started to turn sour.

Milford Real Estate's website says its residential portfolio spanned; “the full range of property available in Dubai as well as the other emirates, from luxury island villas to high-tech metropolitan-style apartments".

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Posted by: ziad fattouh Tuesday, 17 February 2009 12:37 AM[UAE]

Why dont we every hear about Arab athletes that get banned from playing in the United Kingdom or the United States which by the way happens constantly. Every country has a right to refuse entry of individuals into its country, and since Israeli citizens are not allowed into the UAE then I dont see what the whole issue is about. Its simple Arabs are constantly denied entry into Israel and therefore Israelis should not be allowed into our countries.. I wonder if Israel had a Tennis tournament how many Arabs it would allow in. As an Arab I am very proud of what Dubai has done.

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Posted by: Ade Monday, 16 February 2009 8:19 PM[UAE] - UAE

What on earth does Eswar mean by saying 'overall economy will be back to normal'. What normal are you referring to ( the nonsense overinflated bubble that was most aspects of business of the last few years?) and why do you imagine its all going to return 'to normal' any time soon. Hate to sound like a doom monger, but we ain't seen the start of it yet mate!

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Posted by: Mansooe Monday, 16 February 2009 12:17 PM[UAE] - United Arab Emirates

These real estate companies had got their share of the cake, ofcourse the sad part being people losing jobs even those who were not related to sales in whatsoever manner.

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Posted by: Eswar S B Monday, 16 February 2009 11:08 AM[UAE] - UAE

Milford is one of the few has openly accepted close down. Most of them hiding behind the bush and few fled from nest. For every dark side there is a bright side. Overall economy will be back to normal. However, the darker side of losing job is unimaginable. Still there are no regulations for the end users who had paid amounts on properties but no rights when the jobs are slashed. Does RERA looking all this or busy keep on furnishing Rent index??

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Posted by: kris Young Monday, 16 February 2009 9:34 AM[UAE] - UAE

I was rejected a student visa for my Master Degree in the US. I also qualifed with 3+ GPA. UAE has the right to do whatever they want to allow or not allow anyone to enter their country. Who care about this tennis player? I don't and I am not ARAB.

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