Celebrities stuck in Dubai debt crisis

Celebrities stuck in Dubai debt crisis

After Dubai's state-owned enterprise Dubai World was required by the government to pay debt of up to 59 billion U.S. dollars, stock markets and financial institutions around the world were greatly affected, even celebrities who made investment in Dubai were turned victims of the crisis.

According to Taiwan's ETTV news report, in recent years Dubai had become the world's most popular luxury paradise, vigorously starting construction projects: the most luxurious hotel, the most luxurious private mansion have been built there. Even developer of the Palm Islands which has been listed as one of the world's new seven wonders is also facing financial crisis, leading to a number of celebrity buyers loosing their fortune.
According to reports, when construction companies in Dubai were launching the project, they advocated "being the owner of the world's largest artificial island villas", and many celebrities were enticed to buy property there. Dubai's property market drop by 50 percent over the past year, and the value of assets acquired here also went down sharply. Besides Joe Cole, who sold his big villa for 2.1 million pounds last summer prior to the Dubai property market bubble burst, most celebrities got stuck in the Dubai debt crisis.