Jump to content
House Price Crash Forum
dr ray

Dubai Reverting To Heap Of Sand In The Desert

Recommended Posts

Work on the worlds tallest building was halted as the recession hit Dubai.

As unemployment looms for foreign workers 3000 cars are abandoned at the airport by people fleeing the country.

This is what happens to a country which stakes its future on property speculation, financial services and shopping (sound familiar)

Link

Link 2 about tallest building

Edited by dr ray

Share this post


Link to post
Share on other sites
That's not true. I flew over the Burj today and it was swarming with workers.

I've heard of drive-by estimates, but fly-by?

Do you have a VI, by any chance?

Share this post


Link to post
Share on other sites

Dubai does some amazing things and I love the pro-development attitude of their leader... amazing things like the Palm Islands, the great desalination plants using the latest reverse osmosis technology, literally turning places they live into Oasis'.. and great power projects.

But what never made sense to me was these massive condo towers. I always asked who is going to live there once the boom ends. The uber rich UAE citizens are going to live in palaces with estates. They will have guest houses on the property for the guest worker staff to live in. And there is only 800,000 citizens there, but they were building enough condos for millions of people.

The Palm and World Islands made sense because the rich citizens could live in those homes and enjoy ocean front. With the Islands they actually increased the coastline by a factor of like 10 or more.. plus formed beautiful protected inlets and such so people could enjoy the ocean more. But the big part of the speculation was these endless condos and office towers.

Share this post


Link to post
Share on other sites
Work on the worlds tallest building was halted as the recession hit Dubai.

As unemployment looms for foreign workers 3000 cars are abandoned at the airport by people fleeing the country.

This is what happens to a country which stakes its future on property speculation, financial services and shopping (sound familiar)

Link

Link 2 about tallest building

UK reverting to an ocean of water.

The country drowned and disappered under new printed money.

Dubai BTW is still there - if you managed to take the last flight off the submersible empire.

Share this post


Link to post
Share on other sites
I've heard of drive-by estimates, but fly-by?

Do you have a VI, by any chance?

So that's what Bush was doing in New Orleans!

Share this post


Link to post
Share on other sites

I fly into or out of Abu Dhabi about 4-times per month and I normally fast forward the advert blurb on the airline (Etihad) movie system, but I caught the main advert this time - for a property company. Their logo?

"Building beyond possibilities".

Now, I am sure that when the tag line was adopted, this seemed reasonable, even 'cool'. Now it seems actually quite apt (in the literal sense).

Perhaps the ad people were just simply ahead of their time... :lol:

Share this post


Link to post
Share on other sites

I said right from the time Nakheel announced their 1mile high tower that it would never be built. The market was already crashing then, liquidity had dried up.

They insisted at the time that it would be built, but now they just look even more stupid.

I don't think Dubai will revert to a heap of sand. I do think that prices will crash spectacularly in a way that will put Britain to shame, 80-90%. All the 'luxury' blocks in the Marina will end up being cheap accommodation for asian workers at Internet and Media city and the surrounding area rather than homes for western expats.

Many workers are already leaving as jobs are lost, the population they were boldy predicting would continue to rocket will start to shrink and suddenly the surplus of apartments will be laid bare and rents are already crashing. Commercial rents will crash too and eventually it will reach a point where it is cheap enough that some international companies start to think about coming back.

The most stupid thing was that Dubai actually believed it could be a long term sustainable business centre and have eye-popping rents and costs at the same time. They did not any any time seem to realise that the absurd real estate costs would just price every other business out and pretty soon they'd be left with a train wreck.

Edited by George Sore-Ass

Share this post


Link to post
Share on other sites

left dubai this morning with the wife and kids (for good). quit my job last week and sold everything. I don't know what I'll do next but it will sure as hell be in a nicer place than dubai.

by the way, the airport (terminal 1) was pretty deserted, except the packs of 3rd world migrant workers sleeping on the floors. the usually teeming gold counter was absolutely deserted during peak time.

interesting times.

Share this post


Link to post
Share on other sites

My company (previously) did a lot of business with Dubai. Not so much now! We're a luxury goods manufacturer and the Middle East market has gone from being one of our most reliable to being on life support. One area sales manager in the region has admitted that he expects sales to be down 50% on the plan for this year.

Dubai always subsisted on an endless stream of money and speculative bullsh*t. Remove that and the place collapses pretty much instantly.

Share this post


Link to post
Share on other sites

I once made the mistake of doing a 4 day lay-over in that place....Bloody awful - you're filled with a sense of existential angst the moment you get off the plane.

A disgusting testament to mindless consumerism, over-development, racism (white foreigners are accorded top class ass-licking treatment, brown-skinned foreigners are treated like chattel), islamic hypocrisy and egos run wild.

Hope it bloody well turns into sand forever :angry:

Edited by Tokyo_Expat

Share this post


Link to post
Share on other sites
I rmemeber reading that Jim Davidson lives in Dubai...

...which is as good a reson as any not to go anywhere near the place ;)

The best quote I heard summed up the place in four words "Blackpool for lottery winners"

Share this post


Link to post
Share on other sites
Work on the worlds tallest building was halted as the recession hit Dubai.

As unemployment looms for foreign workers 3000 cars are abandoned at the airport by people fleeing the country.

This is what happens to a country which stakes its future on property speculation, financial services and shopping (sound familiar)

I heard from someone in Dubai, that the reason for people fleeing the country is because debt is illegal. Therefore, if you can't meet your obligations they throw you in jail. People are 'doing one' before the establishment find out that they're out of money.

Share this post


Link to post
Share on other sites

Well I'm going to defend it!

Dubai is not that different to any other western city with regards to its bubble. The main difference you get laid off here you go home. In the Uk you are home.

Lets remember where Dubai has come from in 25 years, yes they have made mistakes but they have also got alot of things right. I have laid off 80% of the staff out here. (in construction) most of them middle east expates, Jordanian, lebansese etc. It was difficult but ultimately the work practices with reagrds to construction consultancy are twenty years behind GB. I came here in August 08, knowing this was coming but the speed surprised me, however, i feel somewhat embarrased as alot of people working out in Dubai (westerners ) were batting way above their average, and this is somewhat hastened the down fall.

As for Duabi itself, it is a fascinating vibrant, safe, clean city. We all know the rules and we should abide by them. I have seen many things that would not be tolerated in the UK and are 'accommodated here.

I didn't come to Dubai to make lots of money. I came because I felt I had a better chance of financial survival out here than in the Uk. I was offered 3 UK jobs before taking the Dubai offer. I know for sure that all three UK companies would have laid me off by now.

As regards the projects - money and funding are tight to none existant. However, I only know of two projects that have been stopped mid construction. In the UK are know of streets where more projects have stopped half way up.

As regards the immigrant workers - it is difficult getting your head around it - we couldn't do it just visiting your children 1 month every year for alot of these workers it is there only option but to put it into perspective these guys can work in Dubai for 5 years, send money home and afford to buy a home when they go back to sri lanka or india, something which the average westerner couldn't do.

Comments from posters like hayder annoy me. It is utter crap! They have either been laid off or its all b*llocks. Notice period? Selling everything off in a week?

Dubai has many faults. They can claim naviety and greed. In the UK we do not have the luxury of blaming naviety.

bb - posted from a view of the burj dubai in 22 degrees of warm weather.

Share this post


Link to post
Share on other sites
The best quote I heard summed up the place in four words "Blackpool for lottery winners"

I recall reading that Dubai is very popular with Premier League footballers and their WAGs - which is as good a warning sign to not go as any!

Share this post


Link to post
Share on other sites
Well I'm going to defend it!

I have laid off 80% of the staff out here. (in construction) most of them middle east expates, Jordanian, lebansese etc. It was difficult but ultimately the work practices with reagrds to construction consultancy are twenty years behind GB. I came here in August 08

So, has your total six months experience gone well?

Share this post


Link to post
Share on other sites

But there is no reason for Dubai's existence. Its in the middle of a desert built with a one off energy money bonanza. You can see why Singapore is build where it is. A large part of the world shipping has to pass through the straights. You can see why London was built at the mouth of a river for the same reason. Other cities sit in the center of grain producing regions to facilitate that trade. Yet Dubai? its a white elephant, a folly built in the sand to satisfy the vanity of some over rich shieks. Mving millions of tons of sand into the ocean in the form of palm tree so that they can have waterfront when there is plenty of open dessert says they have more money than sense.

Share this post


Link to post
Share on other sites
left dubai this morning with the wife and kids (for good). quit my job last week and sold everything. I don't know what I'll do next but it will sure as hell be in a nicer place than dubai.

by the way, the airport (terminal 1) was pretty deserted, except the packs of 3rd world migrant workers sleeping on the floors. the usually teeming gold counter was absolutely deserted during peak time.

interesting times.

...............the people leaving dubai now do they have any savings and do they have jobs to go to.

Share this post


Link to post
Share on other sites
But there is no reason for Dubai's existence. Its in the middle of a desert built with a one off energy money bonanza. You can see why Singapore is build where it is. A large part of the world shipping has to pass through the straights. You can see why London was built at the mouth of a river for the same reason. Other cities sit in the center of grain producing regions to facilitate that trade. Yet Dubai? its a white elephant, a folly built in the sand to satisfy the vanity of some over rich shieks. Mving millions of tons of sand into the ocean in the form of palm tree so that they can have waterfront when there is plenty of open dessert says they have more money than sense.

Dubia 2100:

I met a traveller from an antique land

Who said: Two vast and trunkless legs of stone

Stand in the desert. Near them on the sand,

Half sunk, a shatter'd visage lies, whose frown

And wrinkled lip and sneer of cold command

Tell that its sculptor well those passions read

Which yet survive, stamp'd on these lifeless things,

The hand that mock'd them and the heart that fed.

And on the pedestal these words appear:

"My name is Ozymandias, king of kings:

Look on my works, ye Mighty, and despair!"

Nothing beside remains: round the decay

Of that colossal wreck, boundless and bare,

The lone and level sands stretch far away.

Percy Bysshe Shelley, published in 1818

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.