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drrayjo

Dubai, Don't Profit.

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Dubai, once home to the world's biggest construction boom, is now the scene of the world's biggest property slump, according to figures published today by estate agent Knight Frank.

House prices in the desert sheikhdom dropped by an extraordinary 40% in the first three months of 2009, outpacing falls anywhere else in the world after an investment bubble burst

http://www.guardian.co.uk/money/2009/may/2...-property-crash

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Friend of mine, Greg lives in Dubai. Diver for oil and gas. $160 a day he makes. When he's actually got a days work.

That's pretty dire. I once knew a bloke who made his fortune out of being a diver out there during the boom. A young man's game though. Your mate must be in a dire place if he does not have regular work?

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In england a lot of the biggest falls have been seen in newly built properties that simply weren't right for the locality and were bought by investors with no clue... in Ireland overbuilding reached such heights that newly built unoccupied properties are the same as the TOTAL rented sector ... in Dubai they had the worst of all worlds.. newly built, badly built, overbuilt, badly planned, badly bought...... it was a crash waiting to happen... with the help of rich neighbours they will ride it out... but after all the negative publicity about what the emiraties are like I suspect a fatal blow has been dealt to their overall strategy.... it'd certainly not be high on my list of holiday destinations.

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That's pretty dire. I once knew a bloke who made his fortune out of being a diver out there during the boom. A young man's game though. Your mate must be in a dire place if he does not have regular work?

Worse. His pay cheque goes straight to his Thai GF's bank account, IN THAILAND! He's only 28, really nice guy. Getting shafted every which way.

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A friend of a friend who had recently graduated was heading out there last year after failing to find a job in the UK. I wonder how he is getting on.

Ultra-Bubble out there absolutely insane.

What I don't get is all these "savvy investors" werent just riding the cash wave and flipping out of properties for the CGains maintaining a low number. They were trying to build property "empires", in the middle of the desert, in the middle of religion la la land.

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Worse. His pay cheque goes straight to his Thai GF's bank account, IN THAILAND! He's only 28, really nice guy. Getting shafted every which way.

still, look on the bright side, with HIV rapidly spreading round SE Asia he'll probably need to worry about saving for his pension anyway. :)

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still, look on the bright side, with HIV rapidly spreading round SE Asia he'll probably need to worry about saving for his pension anyway. :)

Like Wildfire!

Can see this situation rapidly deteriorating after such great progress was made in the first part of the decade. One of the reasons is the unemployed out here can't even afford condoms.

This global crash will see the reversal of fortunes in all manner of things.

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I feel for the workers trapped out there, but otherwise I'd be happy if the whole place returned to the sandy desolation it should be.

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I feel for the workers trapped out there, but otherwise I'd be happy if the whole place returned to the sandy desolation it should be.

Yes.

I think it may go back to being as nature intended.

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Like Wildfire!

Can see this situation rapidly deteriorating after such great progress was made in the first part of the decade. One of the reasons is the unemployed out here can't even afford condoms.

This global crash will see the reversal of fortunes in all manner of things.

Ah well, population crash. Just what we need anyway to be fair. I was kinda hoping this pig flu thing was going to take hold.

Anyone else feel really crowded these days?

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Ah well, population crash. Just what we need anyway to be fair. I was kinda hoping this pig flu thing was going to take hold.

Anyone else feel really crowded these days?

Unpleasant. But I'll grant you the worlds troubles are to do with over-population. Problem is affluence was ultimately the best contraceptive. Expect a rise in birth rate?

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Unpleasant. But I'll grant you the worlds troubles are to do with over-population. Problem is affluence was ultimately the best contraceptive. Expect a rise in birth rate?

I agree unpleasant. Problem is, nature has this funny knack of correcting things that arent right.

The global population isnt right.

I think we all can look at big boom graphs and figure out what should happen next.

And it isnt a cure for aids. Imagine the carnage if something like Aids or Hep B became airbourne?

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Like Wildfire!

Can see this situation rapidly deteriorating after such great progress was made in the first part of the decade. One of the reasons is the unemployed out here can't even afford condoms.

This global crash will see the reversal of fortunes in all manner of things.

there is another fairly simple option. Don't go shagging about.

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there is another fairly simple option. Don't go shagging about.

Yes indeed. But during times of economic gloom 'shagging about' increases. I suspect a massive increase in HIV and other STD case during this recession/depression.

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Worse. His pay cheque goes straight to his Thai GF's bank account, IN THAILAND! He's only 28, really nice guy. Getting shafted every which way.

Sounds fun! Is the GF a LadyBoy?

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I agree unpleasant. Problem is, nature has this funny knack of correcting things that arent right.

The global population isnt right.

I think we all can look at big boom graphs and figure out what should happen next.

And it isnt a cure for aids. Imagine the carnage if something like Aids or Hep B became airbourne?

Bloody scary thoughts there old chap.

Question arises whether we are at peak humanity? Will the recession see an increase in birth rate? An increase in death rate? Both?

I don't know.

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Sounds fun! Is the GF a LadyBoy?

I know, I know. :lol:

He is lucky there I suppose. She's actually very nice (if a little bossy) and careful with money. But that can change.

Fact is the low pay for these guys. £100 a day if they even have the work! :(

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He is lucky there I suppose. She's actually very nice (if a little bossy) and careful with money. But that can change.

Warning Wil Robinson!

Ah, he is only 28. He will learn.

Life is too short to have a bossy woman in your life.

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I know, I know. :lol:

He is lucky there I suppose. She's actually very nice (if a little bossy) and careful with money. But that can change.

Fact is the low pay for these guys. £100 a day if they even have the work! :(

is it not tax free out there - so that's nearer £130 a day to be doing something he clearly enjoys. He could always come back, go back, to paying taxes and go shelfstacking. Or perhaps do something different in Dubai or go chase the work elsewhere ? Why is he staying in Dubai ? He could go open a dive school in Thailand etc. instead....

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is it not tax free out there - so that's nearer £130 a day to be doing something he clearly enjoys. He could always come back, go back, to paying taxes and go shelfstacking. Or perhaps do something different in Dubai or go chase the work elsewhere ? Why is he staying in Dubai ? He could go open a dive school in Thailand etc. instead....

Tourism here is dead, dead, dead.

Yes, he prefers it out there. No tax and a more adventurous lifestyle. His job is still under threat mind, Indians will do it much cheaper and apparently the attitude is, if one dies there's another one sat over there. Globalisation folks, not pretty.

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Life is too short to have a bossy woman in your life.

Ain't that the truth brother! You have to have suffered one and then found a decent woman to really understand.

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Ain't that the truth brother! You have to have suffered one and then found a decent woman to really understand.

Where?

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