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Fresh signs of Dubai's property-market woes

Brokers chase ebbing home sales as prices fall and deals dry up, but developers continue to start megaprojects

Published Thu, Aug 6, 2015 · 09:50 PM
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Dubai

THE jagged hole that used to be the glass front door of Dubai's S&K Estates Agents sums up the state of the city's home-selling business.

Someone smashed the entrance after the company known as Smith and Ken shut down its offices overnight, citing a "drastic" drop in first-half revenue. The dearth of deals that sparked S&K's collapse and the loss of 80 jobs is likely to cause more pain in the Middle East's biggest and most volatile property market.

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