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Scott Mills

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About Scott Mills

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    Abu Dhabi
  1. I once rented a super luxury 2 bedroom, 3 bathroom barratt house On a saturday morning while I was having my lie in two things used to bother me: 1. The noise of every neighbour on my identikit estate jet-hosing their Rav4 2. My other half talking to me whilst having a dump How I dislike en-suite!
  2. Fantastic news! I'm in AD and a three/four bed villa was renting for 400,000AED in July last year, I now seem them advertised at around 330 and I guess will go lower. I still see people trying to get 480,000AED. Crazy.
  3. Why get out while you can? For me, I have a well paid secure job here and I'm seeing rents fall, the traffic reducing and the Chavs getting fired and going home. If we end up in doomsday ghost town scenario then yes, but until then I say enjoy it...
  4. They will come back. We just took 50% off a legal bill without really trying
  5. The lawyers are getting murdered. We recently negoiated a 50% discount to the invoice with very little pushing. I also know from a reliable source that junior partners of one of the larger city firms have been told to take 6 months unpaid or leave. The joys of being equity and not staff huh.
  6. what makes you think that? Look up Basell II - what happens to banks as the economy slows.
  7. I must have missed your posts Rick. Basel II is a disaster waiting to happen - it's a standard that was written during the boom years without thought of how it will impact on a downturn. I assume it'll get re-written or amended or we'll be bascially at lending levels of the dark ages! It'll be very costly for UK PLC when it has to further capitalised RBS...
  8. Have you considered corporate recovery? The big 4 CR teams are a hive of activity at the moment with some of the best years ever posted!
  9. This is a really interesting thread. I can confirm that rates for lawyers are falling fast. A year or so ago we were paying GBP650+ per hour for a london partner, we are now getting 40% + discounts with little pushing... but one thing is true, they do deserve their high salaries - many times I have finished meetings at 8pm and said... 'ok, if you can turn that document around for the morning that would be great' The blackberry buzzes at 4am as the document is sent. I'm not sure people outside of the city actually realise that these people do put in 20hour days, 7 days a week for (sometimes) weeks on end.
  10. 2001 - thats the magic number in my mind.
  11. Like many on this site I have a vested interested in prices falling further and not recovering for a while as I live abroad and sold up in the UK before I left. But the fact is that when lending was increasing so were house prices... lending has now fallen sharply and so have house prices. The two are related. Lending needs to reach 2001 levels as this is when banks didn't use wholesale markets (which are shut). Basically that means house prices will end up around 2001 levels with maybe a bit of over shoot caused by the surplus stock from the construction boom. What no one on this site has realised yet is that Basel II (a bank reporting requirement) requires banks to further downground all of their loans as the economy slows even if defaults have not risen. This will force write downs, reduce capitalisation and further extend the de-leveraging process. We will not get back to lending at 2001 levels - it will also overshoot so house prices will fall further. That said I do not think we will be at 1998 levels or anything stupid like that. The only thing that may stop the falls is rapid wage inflation - and to be honest as unemployment rises the chances of this happening is slim. The pols going home will only really put a brake on the price falls of unskilled labour - unskilled labour was not propping the market up.
  12. I first came in 2001 and it was nice - boom just starting. 1998 would have been great i'm sure. Much of dubai (Marina, Jebail Ali) now is a building site, but the old town is still great. traffic now is the biggest issue. still that may reduce. I took a taxi from Dubai to abu dhabi last night and he told me that volumes were down 80% with no pick ups from hotels or the airports anymore and that he had missed all of his targets last month. it could be december having Eid & Christmas in this year, but equally it could be the unthinkable.
  13. So you haven't been. It is not always hot. In fact, since November I have been wearing jumpers outside as it can get too cold. It is only 'too hot' between June - August (maybe May - Sept if you don't like the heat) You are right Dubai is full of lottery winning chavs. It wasn't like that 5 years ago, and large parts of Dubai are like that now. Not all of Dubai is like that thankfully, equally I do not live in Dubai (nor would I). There is a lot more culture in Dubai than people think - the streets of Deria are fantastic, the desert beautiful and the people nice. It doesn't have to be bling, chrome and brashness.
  14. Why does everyone think that there is 0% tax in Dubai? A lot of people who have commented on this thread have either never been here or simply don't understand. 0% income tax yes, but loads of other hidden taxes... rents are very high - rent is paid to land owners - land owners are errrr... rates for utilities are different for expats than locals only one (expensive) telecoms provider taxes on some consumption - e.g hotels road tolls 5% annual council tax on rents and offsetting this there is no free healthcare (for expats which is everyone) and no free schooling either. Hence although the tax rate appears low, so are the level of services provided for 'free'. It is a much fairer tax system i.e where you pay for consumption. I have one child and pay only one set of school fees - in the UK I would be paying effectively school fees for 2.1 children (or what ever the number is). They are of course exposed... but oil has nothing to do with it.
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