Just as people were amazed at the huge price increases in property prices in Dubai over the past 5 years, people are now looking on at the carnage of the Dubai real estate market.  In the past 3 months, house prices have slumped a record 40%.  This compares to a 6% fall in the UK, and similar amounts in the US.

Nick Barnes, from Savilles in Dubai stated:: “The inescapable trend is that the worst and most widespread economic recession since the 1930s continues to batter housing markets across the globe. Rising unemployment and concern among those still in jobs, added to constrained credit conditions, means that buyer demand for housing remains suppressed and confidence is low in most markets, which is inevitably having a negative impact on house prices.”

With the recession showing no signs of abating, we could well be facing further downward pressure on house prices, as least in the short term.

Instant approval credit cards can be both a blessing and a curse. First of all, credit cards with instant approval offer that element that other credit cards do not: the word instant. This means that you will more than likely be approved on the spot, and depending on the company, will be allowed to make purchases online or via phone within the same business day. Credit cards with instant approval, however, are notorious for bad credit deals, smaller credit limits, higher interest rates, etc… Since the process of checking your credit history has been sped up, chances are they are not putting as much trust in your credit responsibility.  Therefore, if you are a big and reckless spender, then you need to take responsibility and curb your credit spending, even if you are faced with temptation, as it too easily to get approved online in the morning, and be spending in the afternoon.