15 October, 2008

Dubai real estate market



Following on from the last post about the Dubai property market, I’ve found yet another very apt and informative thread on this site: click http://www.expatwoman.com/forum/messages.aspx?TopicID=43205&Page=2

photo taken from Gulf News Dubai

From the ‘bursting’ cliché many people seem to be hyperventilating on, there are many grammatical errors in the posts these ladies publish: you just have to wonder - can a bubble really burst when we have clowns in the economy?

Just read the whole thread! Most, if not all of the comments, reflect the real “what’s going on here” into what’s going on in the minds of real people today, and what the market is doing. It’s kind of worrying, in a way.

7 comments:

rosh said...

wow!

Kyle said...

It’s kind of worrying, in a way.

i*maginate:

Yes, worrying! I agree. To you, the Joes & Janes and me but not to those property owners because they know some Big Daddy out there will bail them out should they take a fall.

Question remains though, for how long!

The greatest misconception a handful of people here have is that they consider themselves immune from (every) economic (or other) crisis’ unfolding around the world. Look what happened when the price of oil per barrel went up to ridiculous levels and see where it has landed back – and it’s headed further down the handbasket soon.

In conclusion, the best is yet to come for the property/real-estate market. When that time comes, be prepared to join in the chorus for a collective yell ‘told you so!’

i*maginate said...

"get outa here" :P

Smith said...

This is a really hard place to live decently without a housing allowance from a company or a free home from the gov.

I think that Dubai is going to face some serious inflation (more so) in the coming years.

When even terrible places in Karama are starting to rent for 70k+ the people that make the economy function are forced out of the country.

Companies will be forced to pay more or scale back operations due to staffing constraints, causing a shortage, that will ultimately result in higher prices for everything.

It's going to be an interesting few years.

i*maginate said...

the third comment was for rosh and it appears after ur comment kyle...

i*maginate said...

kyle, the property owners you're prob referring to is (scratching head) the govt! lol...

This whole situation is so screwed up - I mean the cash crisis...I don't think Dxb will be feeling the crunch for a long time, though. I do feel sorry for those with screwed up investments abroad...

Kyle said...

i*maginate:

My comment here pertaining to the property market is just a drop in the ocean compared to comprehensive & educated notes/takes by Messrs. Nick, Seabee et al. So, you'll have to see beyond and deeper than my comment (here) to better understand the (forthcoming) property market fiasco.

The property owners I'm referring to could be shady characters hell-bent in following the principle of turning their ill-gained wealth from water into wine, dirt into gold by investing in the local property market. I have no clue what they were promised when they signed on the dotted line. But one thing is for sure, the returns are not per their expectations. Moreover, with the credit & cash crunch in place, it's only going to get worse whereby sooner or later they'd be left with castles in the air without any takers unless they and their mentors widen their target audience to the middle income / middle class populace of this country.

And finally, let me reiterate nobody is immune from this crisis and by that I mean the (worldwide) financial meltdown(s) taking place one day at a time.

P.S.: I leave the deciphering of the term 'Big Daddy' to your imagination!

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