USA property market at risk according to central banker

Alan Greenspan, the United States Federal Reserve Chairman has warned Americans that they risk a property crash if they continue to force average property prices up.
Greenspan said that people were not allowing for the risk of price falls. He said "history had not dealt kindly" with investors who kept ignoring risks.

Greenspan said that the US house-price spiral had become an economic imbalance, threatening stability like the country's trade gap or its budget deficit.

Golf in Dubai

Dubai property developer Nakheel, has joined forces with legendary golfer Greg Norman to launch the first phase of Jumeirah Golf Estates - Dubai's premier residential golfing community.

Phase A of Jumeirah Golf Estates, which occupies approximately 375 hectares of the northern section of the total 1,119 land parcel and includes the first two golf courses, Fire and Earth, both designed by golfing legend Greg Norman.

Phase A will incorporate 10 planned residential communities, comprising more than 1,000 individual properties, each set in beautifully landscaped surroundings with estates ranging from 6,000 to 12,000 square feet. Approximately 75% of all properties will have absolute golf course frontage, with the balance facing lakes, nature strips and parks.

David Spencer, director for Nakheel Golf, said: "Nakheel aims to create an unparalleled collection of courses in Dubai that are developed with premier superstars, meticulous planning, comprehensive research and a passion toward protecting the environment. Jumeirah Golf Estates is a product that Dubai has been crying out for; there were 260,000 rounds of golf being played in Dubai in 2004, but the demand is much more than this. The appetite for the game is growing dramatically and our courses will be purpose-built to satisfy the demand from Nakheel's property owners, hoteliers on The Palm, and as a much wider-based tourism attraction for Dubai."

Dina Al Jaflah, Jumeirah Golf Estates, general manager, said: "Aside from the overwhelming demand for genuinely world-class courses in Dubai, there is a strong market for properties within residential golf developments and this is rapidly increasing. This trend follows global patterns where consumers want to live in a community that is not only secure but also provides world-class amenities and encourages indigenous flora and fauna. Perhaps more importantly, properties within golf course communities have proved to be very sound investments in all parts of the world - we expect demand to be overwhelming."