| Ready to Kiss the Sky Once Again!|
|Started a while ago in the US, the sub-prime lending crisis gradually engulfed the whole world. The major industries such as real estate and financial institutes have become the most vulnerable victims. The recession was so intense that many could not hesitate to compare with the Great Depression of 1930s. The world is eagerly searching for economists like JM Keynes to salvage the global economy from the global recession.|
Faced with the growing unrest in the US, Barack Obama has been given a chance with much hope to relieve the economy from the depressive pressure yet he seemed to have over-promised to under deliver. He was awestruck to know the severity of the recession when consulted and studied after his Presidential elect and his bail out policy could not bring much relief among the people. As a result, he lost by the Republicans in the White House that he truly described as 'shellacking' just before his first foreign visit.
Next to the US, Dubai, the Venice of the Gulf, succumbed to the economic pressure which in-directly impacted the South-Asian construction workers. There were headlines hogging the newspapers about the severe impact of Dubai debt crisis on India and China constructions. Arabian News published on Feb 2009, tens of thousands of Indian construction workers are being flown out of the country by their employers on bulk-booked flights in March 2009. The first unemployment case from Dubai on Indian territory has been noted.
IMF recently published a report that says Dubai would possibly stay in recession 2010. The report further says that Dubai can point to a recovery of tourism, aviation, hospitality and retail in the first half of 2010. But this has not offset the weakness in real estate, construction and banking. More or less the other countries -US and UK in particular- have the same stories to tell.
Despite the prolonged recession hitting hard to real estate and financial institutes, the recovery signs have just begun. The world is now ready to fight back recession. Many investors across the globe are willing to take risk on real estate investment. Even economists expect real estate recovery in 2011. Sam Zell, chairman of Equity Residential, the largest publicly traded U.S. apartment owner, while speaking with Bloomberg says the recovery will start at year end and gain strength in the middle of next.
There are many 'ifs' and 'buts' around real estate recovery but the fact is that the sector is already on the track of recovery readying with bricks and mortar for kissing the sky once again!