Damac Chairman Hussain Sajwani told Bloomberg that a collapse in the housing market is nearing unless new home construction is halted for several years….. Sajwani is the latest real estate executive to voice his concern that Dubai’s housing market is on the brink of disaster. The slump in the city’s housing market has been underway for the last five years. Prices have tumbled by more than 30% in the same timeframe.
