Tuesday, Jan 13, 2009
If you haven't got an allowance you can't rent!
The National: Housing Allowances Cut
Dubai prices have been driven up by obscene housing allowances bundled onto salaries which have helped fuel greedy landlord's rent rises. Hight house prices are fine if you are an investor and the rent is enormous. However, if money tightens and you can't give these huge allowances there arises a problem. Couple this with retrenchment of staff and low oil prices, investors trying to flee a market with no buyers and boy do you have a problem!
Posted by brickormortis @ 12:33 PM (348 views) Add Comment
7 Comments
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1. japanese uncle said...
Reposting---
I think, given the long-term trend of technological changeover to alternative source of energy, oil price could go down further, may be to 10-20 ultimately in the not so distant future. By then Dubai will have become a bunch of ghost towns.
Wednesday, July 16, 2008 09:58PM
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Burj Dubai will be standing unfinished, precisely like a Tower of Babel (or Bubble?), as poignant testament to the stupidity of the greedy.
2. Jon said...
I don't think Dubai's economy relies much on oil.
Tourism and financial services were what they were trying to promote. Whoops.
3. str 2007 said...
Got to agree with you on the Dubai thing there JU. The whole thing looks so precarious to me.
4. crunchy said...
To control, one has first to weaken.
Oil @ 10/20 is a further buy for me! The discount window of opportunity in these mysterous to some, times. : )
Savings have never looked better for a few! IMHO
5. inbreda said...
If you had said "never", crunch, I'd have said "Yeeeeeeees"
6. crunchy said...
4. inbreda
Investing is about risk v reward. Oil @ """"$0"""""" I don't think so. It's a further buy for me and Wall St. IMHO
7. jack c said...
This from post on previous article relating to Dubai but equally relevant here
jack c said...A friend of mine has just come back from 2 weeks business/holiday trip in Dubai and reckons the place is at a standstill - EA with 60 employees he knows has paid everyone off and shut up shop - the car dealers have a huge amount of people on the forecourts (all looking to hand the cars back) - one word to sum it all up "MELTDOWN"
Tuesday, January 13, 2009 04:21PM