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There is no truth in the news of Dubai’s financial crisis. Though it is evident that the US recession has affected Dubai, the oil producing state has sufficient reserves to control the situation. It is a fact that the housing and financial sector is the most affected one, because the recession has affected these sectors more than others.

There was a time when the construction in the emirate seemed to have no end. The sounds of the construction were omnipresent even in the night. This all has come to a halt resulting in unemployment. The prices of the property have eroded significantly. Hotel room rentals have also come down. The boom in this sector is a thing of past now.

After the sinking of the reality sector the hotel industry of Dubai was in shock. The planners of the urban development had overestimated the need of hotels. Asia Asia was planned to be the largest hotel of the world. The rentals of rooms in hotel are still high. Offices spaces are most expensive in the world. The save the economy from the downturn Dubai will have to make so many things affordable

It will take some time before we can hope for Dubai hotel bookings to full capacity. Most of the Dubai hotels have slashed their rates in order to get over the crisis. The intense competition in the hotel industry is becoming a boon for the customers.

It is evident that the recovery in the economy and hotel industry will depend on many factors like doing business,construction etc. There is a report that the news that rentals for residential property have fallen 38 percent since 2009,with 18 percent decrease in Abu Dhabi.

The good feature of the story is, the recent increase in the investing activities is a good sign of recovery.Exess liquidity and easy moneatary measures resulted in the low interest rates. Dollar depreciation led to flow money out of banks into property.

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