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hypnotist

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About hypnotist

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    HPC Newbie

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    Dubai
  1. Fair point but your maths is off a bit. The Dirham peaked at 7.75, not 8.75.
  2. hypnotist

    Dubai

    There are lots of nice people losing their jobs here too. And the crash is hurting the labourers badly. In other news, they passed a new law making it a crime to "knowingly publish information that damages the U.A.E.'s reputation or harms its economy", so I'm not going to say any more.
  3. But still double what it was a year before that...
  4. Lots of bear food in Dubai these days... Has the bubble burst? 30 November 2008 As the sheen comes off glitzy Dubai, the other Gulf states are getting nervous too "THEY said you couldn't create islands in the middle of a city," shouts a property advertisement over a jammed Dubai motorway. "We said, what's next?"* The range of answers has become gloomier by the week, as the debate moves from whether the Dubai property bubble will burst to just how bad it is going to get. Some nervous bankers think property prices could fall by 80% or so in the next year or so. A few months ago, rich foreigners who had bought villas in Dubai were complaining about the quality of the sand on their artificial beaches or the difficulty of getting water to circulate around the twiddly fronds of the man-made island shaped like a palm. Now prices for some smart developments have been cut by 40% since September, shares in property firms have lost 80% of their value since June, and big developers are laying people off. * My note: the answer to this Nakeel advert is, you lay off 15% of your workforce...
  5. I wouldn't believe the stories about the poo trucks if I hadn't seen them with my own eyes (and smelt them with my own nose...). The local papers are warning about typhoid
  6. I said here: The answer is: no. All the developers are scaling back their projects. Most are laying off. The secondary market is deader than a dodo. New purchases are falling through the floor. They've legislated away the flipping that was sustaining the market. Dubai has already gone, begging bowl in hand, to Abu Dhabi. AD will want their pound of flesh.
  7. I didn't say I didn't like it, just that property is hugely overvalued and there are a lot of drunk Brits.
  8. There's only so long they can keep throwing money at multinationals to come to Dubai. Dubai is an emirate, not a country - and Abu Dhabi controls all the oil wealth. There's a reason Dubai has tried to make itself the commercial centre of the Gulf. Quite - "cheap alcohol" doesn't really capture the fact you have to illegally smuggle alcohol to get it cheaply... I guess the Duty free beer is ok, as long as you want Foster, Heineken or Tsing Tao! I suspect many of the owners in the Marina have never even set foot in the apartments they've bought. It's going to be somewhat difficult to keep attracting foreign - particularly American - MNCs on the one hand, and continue to be the destination for money from the region - from people who really don't like America, and who America really doesn't like - on the other. And at the same time, there's nothing much to keep people here long-term - even you're planning on bailing out. Dubai is built on a bubble, particularly the real estate. The question is whether the city can build itself up to the levels required to deflate the bubble, before it bursts. Fair play. No reason to slate you - I guess I just see this place a little differently. No, Dubai is not in the same league. I wouldn't claim it was anywhere close. There is enough to do though, beyond going out and getting horrendously wasted every weekend (which is nevertheless what many ex-pats here do). I've met a few ex-pats - but definitely only a few - who do lord their wealth over others. It's something you find wherever there are ex-pats. But there are also very nice people here. Still, this is not a place to live long-term. It's a place to save (or live) like crazy, and then leave. It's also unashamedly the ex-pat lifestyle, and the first and only place I've experienced it (though I saw flashes of it when living in Singapore). Very few people stick around here long-term, so far at least.
  9. Gigs aren't bad, and neither are museums - and the region as a whole has some fascinating stuff going on. This isn't the place for cheap booze though This is your truth, let me tell you mine... Good for you. I've been in Dubai one year, earn a little more than you, live in the Marina surrounded by empty apartment blocks that are nevertheless "sold out". Sale prices may be half of London, but rental prices are at parity or even higher - and a substantial amount of that goes to maintenance fees in a lot of projects. Mortgages are hard to get but a substantial number of buyers don't need them anyway. I know people who've been offered mortgages at 4%, in any case. I also have very little confidence in the secondary market here (beyond the pre-handover flipping that goes on all the time), and indeed in the developers (go look up what DAMAC is doing to the Palm Springs investors...) If Dubai do what they say they're going to do, the prices may well be justified in the context of the region and world as a whole. Time will tell. I don't think I'd buy here unless I wanted to stay long-term here though - and I'd be very very wary of BTL here.
  10. Russians, Iranians, Saudis... Not for nothing are several projects long "sold out" with few residents actually living there, while rental prices are mindboggling here.
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