eric pebble Posted May 23, 2009 Share Posted May 23, 2009 (edited) 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"?!? It was ALWAYS a pile of absolute SH1T. Edited May 23, 2009 by eric pebble Quote Link to comment Share on other sites More sharing options...
dr ray Posted May 23, 2009 Share Posted May 23, 2009 My heart bleeds for them. We need to petition the Government to bail them out. Quote Link to comment Share on other sites More sharing options...
DeepLurker Posted May 23, 2009 Share Posted May 23, 2009 Link does not work Quote Link to comment Share on other sites More sharing options...
three pint princess Posted May 23, 2009 Share Posted May 23, 2009 (edited) 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 May 23, 2009 by Tom Peters Quote Link to comment Share on other sites More sharing options...
DeepLurker Posted May 23, 2009 Share Posted May 23, 2009 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: Quote Link to comment Share on other sites More sharing options...
eric pebble Posted May 23, 2009 Author Share Posted May 23, 2009 Link does not work Repaired now http://www.telegraph.co.uk/news/worldnews/...-collapses.html It seems that someone has really buried this one...... Quote Link to comment Share on other sites More sharing options...
Frank Hovis Posted May 23, 2009 Share Posted May 23, 2009 Oh dear, how sad, never mind. Quote Link to comment Share on other sites More sharing options...
eric pebble Posted May 23, 2009 Author Share Posted May 23, 2009 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: Quote Link to comment Share on other sites More sharing options...
MRMX9 Posted May 23, 2009 Share Posted May 23, 2009 Link does not work Its probably been blocked by the Dubai authorities who censor everything. 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). Quote Link to comment Share on other sites More sharing options...
Horridbloke Posted May 23, 2009 Share Posted May 23, 2009 (edited) 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 , 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 May 23, 2009 by Horridbloke Quote Link to comment Share on other sites More sharing options...
piece of paper Posted May 23, 2009 Share Posted May 23, 2009 Sandpits attract turds. Ask any parent. p-o-p Quote Link to comment Share on other sites More sharing options...
eric pebble Posted May 23, 2009 Author Share Posted May 23, 2009 Sandpits attract turds. Ask any parent.p-o-p The whole thing is a PERFECT analogy for the whole, worldwide house price mania.... It was all built on sand....... Quote Link to comment Share on other sites More sharing options...
Errol Posted May 23, 2009 Share Posted May 23, 2009 My heart bleeds for them. Quote Link to comment Share on other sites More sharing options...
waitingscot Posted May 23, 2009 Share Posted May 23, 2009 (edited) Does anyone know, is this in the print edition? If so I want to buy a copy. Edited May 23, 2009 by waitingscot Quote Link to comment Share on other sites More sharing options...
carbonoid Posted May 23, 2009 Share Posted May 23, 2009 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. Quote Link to comment Share on other sites More sharing options...
Justice Posted May 23, 2009 Share Posted May 23, 2009 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 Quote Link to comment Share on other sites More sharing options...
cashinmattress Posted May 23, 2009 Share Posted May 23, 2009 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. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted May 23, 2009 Share Posted May 23, 2009 "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. Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted May 23, 2009 Share Posted May 23, 2009 http://www.telegraph.co.uk/news/worldnews/...-collapses.htmlNick 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? Quote Link to comment Share on other sites More sharing options...
piece of paper Posted May 23, 2009 Share Posted May 23, 2009 What are our ennobled architects going to do? No more glass on metal - apart from a new range of B&Q greenhouses. p-o-p Quote Link to comment Share on other sites More sharing options...
Guest_James Toney_* Posted May 23, 2009 Share Posted May 23, 2009 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 agree totally Quote Link to comment Share on other sites More sharing options...
Ulfar Posted May 23, 2009 Share Posted May 23, 2009 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. Quote Link to comment Share on other sites More sharing options...
wonderpup Posted May 23, 2009 Share Posted May 23, 2009 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? Quote Link to comment Share on other sites More sharing options...
Little Professor Posted May 23, 2009 Share Posted May 23, 2009 See also: http://news.bbc.co.uk/1/hi/business/8058341.stm Quote Link to comment Share on other sites More sharing options...
eric pebble Posted May 23, 2009 Author Share Posted May 23, 2009 (edited) See also:http://news.bbc.co.uk/1/hi/business/8058341.stm Quite a bunch there of unemployed..... Nothing for them back here in blighty..... Edited May 23, 2009 by eric pebble Quote Link to comment Share on other sites More sharing options...
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