Mobius Says Don’t Buy Dubai Property Before ‘Real Slump’

Three years ago, Mark Mobius saw his luxury apartments in Dubai go up in flames. While the suites have by now been restored to their old splendor, the investor has something else to worry about: the frenzy of construction that’s adding to the existing glut in real estate.

The downturn “will get much worse from here,” said Mobius, a pioneer in emerging-market investing, adding he’d hold off on buying more property. “I would probably want to wait until there’s a real slump when all this new building comes in and people are really hurting.”