Jump to content
House Price Crash Forum
eric pebble

Britons Face Losing Savings As Dubai Property Market Collapses

Recommended Posts

Britons face losing savings as Dubai property market collapses

Britons who invested hundreds of thousands of pounds in unbuilt property during Dubai's boom years face losing the money after a collapse in the market.

http://www.telegraph.co.uk/news/worldnews/...-collapses.html

"Invested"?!? :lol::lol:

It was ALWAYS a pile of absolute SH1T.

Edited by eric pebble

Share this post


Link to post
Share on other sites

http://www.telegraph.co.uk/news/worldnews/...-collapses.html

Nick Jasani, from St Albans, bought two shops off-plan as an investment, paying a deposit of £100,000. He believes there is little chance of them being built but the project has not been cancelled enabling him to reclaim his money.

"I am totally fed up," he said. He has written to the British government asking it to intervene.

.............

"Investors signed up to payment schedules that were in no way linked to milestones," she said. "That's how the market worked here, and purchasers didn't query it because they were making so much money from property. It's become an issue because they are no longer making money."

///

Perhaps they could have read the contracts, done a couple of hours research on the internet and worked out what they were paying for and when it was going to be completed.

Edited by Tom Peters

Share this post


Link to post
Share on other sites

Oh, and by the way, to all those who thought that investing in a Las Vegas clone run by a bunch of religious Puritans made perfect sense:

simpsons_nelson_haha3.jpg

Share this post


Link to post
Share on other sites
Link does not work :(

Its probably been blocked by the Dubai authorities who censor everything. :lol: Who wants to live in a country which is not a liberal democracy and has no real freedoms (except the freedom to make or it seems lose loads of money).

Share this post


Link to post
Share on other sites
Work has slowed or stopped on swathes of building sites, including on a second "Palm Island". The city was planning a series of artificial peninsulas in the shape of palm trees packed with seafront holiday villas :blink: , but only one is finished.

That may be the most vulgar thing ever conceived. Sorry, anyone investing in that needs locking up for crimes against taste.

Editted to add: I just had a peek at the thing on Google Earth and good grief, it's astonishing. The "fronds" are about a mile long. Shame it looks more like a bacterium than a palm tree though.

Edited by Horridbloke

Share this post


Link to post
Share on other sites

OZYMANDIAS

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.

Share this post


Link to post
Share on other sites

Wont look so nce when they are forced to turn the taps off at the golf couses?

nature will win in the end and i'm dammed if i'll spend one penney in a muslim controlled country if i can help it

Share this post


Link to post
Share on other sites

Give it a few years and a lot of this construction will be reclaimed by the desert and sea.

The propensity for people to buy in to these 'investments' which rely on cheap foreign labour and sell with the promise of a quick buck is boundless.

Share this post


Link to post
Share on other sites

"Investors signed up to payment schedules that were in no way linked to milestones," she said. "That's how the market worked here, and purchasers didn't query it because they were making so much money from property. It's become an issue because they are no longer making money."

Thats how scammers work ANY market. purchasers are fooled by the greed sold to them as investment.

Share this post


Link to post
Share on other sites
http://www.telegraph.co.uk/news/worldnews/...-collapses.html

Nick Jasani, from St Albans, bought two shops off-plan as an investment, paying a deposit of £100,000. He believes there is little chance of them being built but the project has not been cancelled enabling him to reclaim his money.

"I am totally fed up," he said. He has written to the British government asking it to intervene.

.............

Diddums.

I can understand the govt intervening if youre facing the death penalty or something, but because a property investment didnt turn out quite how you expected?

Share this post


Link to post
Share on other sites

I wonder long will it take for the sea to erode the palm tree islands without constant maintenance, not very long this is without taking into account the possibility of rising sea levels.

The parable about the man who built his house on sand is literally true this time.

Share this post


Link to post
Share on other sites

The picture on that article reminds me of Dresden circa 1945.

I never quite got the logic of a state dependant on oil diversifying into tourism- don't jets use lots of fuel?

Build it and they will come? :lol:

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   295 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

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.