Wednesday, Dec 16, 2009
Some of them even did their 'homework'.
The Independent: Dubai: Empty eastern promises
There is a definite hint of schadenfreude about Dubai's financial turmoil. All those investors buying into a glittering desert city, that crumbled to dust – more fool them many will think. Where else in the world would you see plans for an air-conditioned beach or a glut of six and seven star hotels? However, the situation is no joke for investors who aimed to make a small fortune selling off-plan properties or those who simply wanted to live or retire in the sun. Property prices have fallen 50 per cent from their peak, leaving the developments they bought into left unfinished, and the companies they trusted their life savings with nowhere to be seen.
Posted by landedgentry @ 03:26 PM (766 views) Add Comment
6 Comments
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1. Donkey2409 said...
On the one hand you have to feel sorry for people who have lost money, but on the other hand why would
anyone invest in somewhere as obviously and profoundly, dodgy and morally questionable as Dubai?
2. icarus said...
In a con one of the hallmarks of the mark is that he doesn't bother to kick the tyres himself - somebody else said it was a good deal.
After the sting he says "How could I have known".
"I relied on the Dubai government". If Bernie Madoff owned a country it would look like Dubai.
3. Bigmace said...
Emerald City springs to mind
4. crunchy said...
If Bernie Madoff owned a country it would look like Great Britain.
5. crunchy said...
“No one has ever made a Ponzi scheme pay off for so long,”
6. Alfie said...
Would anyone have sympathy for me if I blew 50 grand in the casino? NO
So why should we for anyone who invested there or any property for that matter, just greedy naive people wanting to make a quick buck... lessons learnt... you hope