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AIG: The Mark-to-Lehman Market   Extra Credit, Friday Edition
Sep 12 2008 4:20PM EDT

Arab Property Datapoint of the Day

John Gapper tells us today that there's "No property crash so far in Abu Dhabi". Which I daresay is true. But next door, in Dubai, a single recent foreclosure was on property worth $3.5 billion -- and, to make matters more complicated, the company behind the project has said that the bank does not have "the legal grounds" to foreclose.

Property markets these days can get very ugly very quickly even -- especially -- in booming areas like Dubai. I'd stay well away from all of them, except maybe if you can find a market where there's very little leverage. Does such a place even exist?

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