Headline: Trump dismisses talk of realty bubble
. . .
Speaking with Gulf News on the sidelines of Dubai's Cityscape property exhibition, Trump [Jr.] said a cyclical lull will hit the market where the velocity of sales drops and weak developers are weeded out.
But he said Dubai's tax free status, its political stability and the freedom given to developers to design innovative projects will sustain investor interest.
"If you say there will be a correction long enough, eventually you'll be right because everything is cyclical. Dubai will never always grow at 25 per cent per year," he said.
"I'm expecting the market to re-centre, which will probably happen in two or three years, but it will affect different properties in different ways."
"The nature of real estate is that people who were able to weather the bad times will always do well."
Hmmm. I love how real estate folks talk - velocity, re-centre, weeded, weather.
Item - USA Today October 5, 2005:
The Trump Organization is not required to invest any money, but is providing its brand to projects that could be entirely financed and built by Nakheel, Bin Sulayem told Dow Jones Newswires.'We're tapping into his knowledge and ability in the high-end sector,' Nakheel Chairman Sultan Ahmed Bin Sulayem said of Trump.
Finally, via a comment at UCB this item also dated October 5, 2005 at AMEInfo. Extract:
Sultan Ahmed Bin Sulayem, Executive Chairman, Nakheel, commented, 'The Trump signature brand is synonymous with the most prestigious properties in the world, and we embrace his interest in working together. This is the first time that The Trump Organization has invested in real estate development in the Middle East. This illustrates the present level of confidence in both Dubai and Nakheel's developments. We look forward to working with The Trump Organization - a world class operation who shares our commitment to excellence."
Questions: Has The Trump Organization invested money in Dubai? In 2005? In 2006?
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3 comments:
What made me chuckle most about this article was this:
Trump said he was never concerned about the delays which hit construction of the Palm Jumeirah, stressing that a project which had never been attempted before would always be hit be time issues.
Well, you wouldn't be concerned, would you, if you haven't invested any money into the deal? :-)
The whole article has the smell of another Nakheel snow (or should that be sand) job!
ROLF... maybe ?
John care to talk to some lame guy at -> fox_iirykn@trashmail.net in case you wanna hear from the,"other", side ?
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