Sunday, Nov 30, 2008
Yes the grass was greener in Dubai than in Leicester or was it ?
Times Online: The party’s over in Dubai
A new life in Dubai.Not.
Posted by fjcruiser @ 08:14 PM (1140 views) Add Comment
14 Comments
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1. icarus said...
The economy is based on financial services, property, tourism and 'trade', and the fundamentals are strong. Sound familiar?
2. Saywhat said...
I lived in Dubai in 2004. What I can say is that I saw this coming then, when I was there they were still building the Palm islands and most of the buildings were still being built. There a few major problems with Dubai - UAE, its in the desert, so there nothing much to do out there most of the year coz its way to hot, although you might earn a tax free salary inflation is rampant and basic living cost are high i.e. rent and food and both those are hit by the inflation. There seems to be 1 rule for locals and another for expats.
3. whostolemyendowment said...
See article = www.propertywire.com/news/middle-east/negative-equity-defaults-dubai-property-market-200811302172.html
4. mdmick said...
I hear the country's name is changing to Dontbuy
5. montesquieu said...
'The fundamentals are strong'.
Yeah right.
6. str 2007 said...
So far everyone has looked at me strangely when I've mentioned that the new owner of Manchester City will go belly up soon. (He's a property developer from this general direction) (and Manchester City are a football club apparently)
Lets just see how long it takes now.
We all know what dropping the LTV from 90% to 60% will do.
At least it looks like they're supporting their currency a bit (unlike us lot) if mortgage rates have gone from 7 up to 9%.
7. str 2007 said...
No I must go further and post a LTV example.
Lets take the average apartment (in fact isn't every property in Don'tbuy - luv it mdmick - an apartment) at say £300k.
That would mean oversea visitors to the tax haven were stumping up £30k deposits.
Reducing the the LTV from 90% to 60% (or deposit up from 10% to 40%) that £30k deposit now gives a buyer a budget of £75k not £300k anymore - ooooouch !
That's a 75% HPC en route.
And how many Chavs will be off to Dubai for tax free shopping when the credit crunch kicks in.
I wonder how many hands you come home with for defaulting on a mortgage out there.
8. Sammy said...
Exaggerated write up. Apparently theyre in a much better position than the all the other economies particularly US & UK. The UK stock market is not far of 40% down. The UK property market is in a much worse position and will be so for many years. The high street is failing and the government building huge debts for future generations. On the other hand those guys have assets more than debts. Particularly Abu Dhabi sitting on the largest cash and oil reserves. Even if oil keeps coming down they are still in a stronger position than anywhere else around the globe.
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