15.02.2013 - Dubai real estate is 'dominated by cash buyers'
Dubai real estate agent Laura Adams won’t soon forget one Iranian home buyer. “He literally put a suitcase on my desk, opened it up, and it was full of 1,000-dirham notes,” says the Carlton Real Estate managing director. “I asked him to go across the road to Western Union (WU) and get it exchanged for a manager’s check, half a million dirhams ($136,000).” It wasn’t the first cash-stuffed suitcase she’d seen. One customer told Adams he had the money with him because he’d just completed a diamond deal and didn’t want to stop by the bank, she says. A Russian buyer walked in with €250,000 in cash ($334,000) as the down payment on a two-bedroom apartment in the Burj Khalifa, the world’s tallest tower, and paid the rest with a single check...............................................Full Article: Source
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