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Just been watching a programme on the Discovery channel all about Dubai, it really made it out to be boomtown, with the biggest and tallest buildings in the world, it was a glossy champaine styled documentary that made the place and the people look like the high society of the world.

I Noted the year the programme was made was 2007, anyone got any recent news on how they have been affected by the downturn ?

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Just been watching a programme on the Discovery channel all about Dubai, it really made it out to be boomtown, with the biggest and tallest buildings in the world, it was a glossy champaine styled documentary that made the place and the people look like the high society of the world.

I Noted the year the programme was made was 2007, anyone got any recent news on how they have been affected by the downturn ?

I work there quite regularly. The finance industry took a major knock and a lot of the new building work took a serious hammering. I think they are struggling with debt unbelievably.

One of the things that gets me; up and coming place, no doubt, but they need to get over westerners drinking from a bottle of water in 50 degree heat during ramadan... deal with it.

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http://www.propertycommunity.com/property-...fall-dubai.html

Apartment property rents in most parts of Dubai continued to decline in August, though in some residential areas rents stayed steady and even increased slightly, according to a new survey. The variation and severity of adjustments in rental rates depended largely on the size, location, accessibility and quality of the flats, with prime areas able to resist the downward trend in rents better than secondary or less desirable locations, the research from management firm Asteco and the Khaleej Times found.

'Rents have only stabilised in the most sought-after developments, which offer higher quality, better location and amenities like retail components and other leisure facilities,' said Ahmad Saidali, head of investment in Dubai for property consultancy CB Richard Ellis (Middle East).

'But one should also consider the holding capacity of some owners, who instead of accepting slightly lower market rents, will instead choose to leave properties vacant for an extended period of time in the hope of achieving their expectation of rental value. In some cases, this has created a short-term supply distortion, with some prime districts seeing availability of units virtually dry up,' he added.

In most cases, however, landlords are finding it difficult to persuade their existing tenants to stay, even if some owners have reluctantly reduced their rents and agreed to accept more flexible, monthly payments. Last year, landlords typically accepted no more than four cheques as payment for an entire year's rent.

Others have also resorted to squeezing out middlemen or real estate agents by advertising vacancies themselves. 'Landlords are now ready to negotiate the lease downward at the prevailing market rates in order to keep their tenants. But most tenants are relocating now to upgrade their accommodation, which they could not afford to do a year back. The natural trend is towards better-located, higher-quality and established developments,' Saidali explained.

New housing units expected to come on stream during the next two years are likely to pose more problems for landlords, especially if general demand continues to weaken.

'New developments which are emerging now would see further downward pressure on the rental side. Only in the established developments like Downtown Burj Dubai and Dubai Marina will rents move up marginally,' he added.

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http://www.ft.com/cms/s/0/6fb3637c-8ac4-11...144feabdc0.html

Dubai's property market crumbles in crisis

By Simeon Kerr in Dubai

Published: August 17 2009 03:00 | Last updated: August 17 2009 03:00

function floatContent(){var paraNum = "3" paraNum = paraNum - 1;var tb = document.getElementById('floating-con');var nl = document.getElementById('floating-target');if(tb.getElementsByTagName("div").length> 0){if (nl.getElementsByTagName("p").length>= paraNum){nl.insertBefore(tb,nl.getElementsByTagName("p")[paraNum]);}else {if (nl.getElementsByTagName("p").length == 3){nl.insertBefore(tb,nl.getElementsByTagName("p")[2]);}else {nl.insertBefore(tb,nl.getElementsByTagName("p")[0]);}}}}Dubai famously used to boast the highest concentration of construction cranes in the world.

Now, its property sector has investors fighting for the return of down-payments on buildings that might never be built and state-linked developers continuing to fall behind on contracting invoices despite having received billions of dollars in bail-out cash.

Firesales saw drastic reductions at previously desirable locations such as the Palm Jumeirah, Dubai's first completed manmade island development, and at the Old Town district surrounding Burj Dubai, the world's tallest tower that is planned to open later on this year.

Colliers International's house price index survey indicates that prices have almost halved since their peak last year, but the pace of deceleration is slowing from 41 per cent in the first quarter down to 9 per cent in the second quarter of this year.

Ian Albert, regional director, says the real estate market should reach its bottom in the last quarter of this year.

He adds that some encouraging signs have emerged, including a 50 per cent rise in the volume of transactions. Developers are trimming down their project portfolios, but the market will still have to accept a surge in supply over the next couple of years, leaving the sector reliant on global economic recovery to lift Dubai's outward-looking economy up again.

Matthew Green, CB Richard Ellis's head of research for the United Arab Emirate, says that the overhang of new apartments and villas - as much as 20,000 new units this year - will keep pressure on the property market.

"Lower rents should encourage the return of the expatriate labour force, but we aren't seeing that yet," he says.

"Let's hope that can come in 2010, but such is the supply that we have to look for stability before a return to growth."

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Just been watching a programme on the Discovery channel all about Dubai, it really made it out to be boomtown, with the biggest and tallest buildings in the world, it was a glossy champaine styled documentary that made the place and the people look like the high society of the world.

I Noted the year the programme was made was 2007, anyone got any recent news on how they have been affected by the downturn ?

yeah! The Boom Town is waiting for the Rats to take up residency.

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yeah, sounds like a progressive, modern, free kinda society to live in...

Dubai Bank says all female staff must wear abayas

...The Fatwa and Sharia Supervisory Board's proposal, a copy of which has been obtained by Gulf News, says the abaya should not have any embroidery or decoration on it and must not be coloured.

It says any female staff who does not adhere to this dress code should be advised by the human resources department at the bank to follow it.

Hmmm... how about Kuwait, that might be better..?

Woman nabbed for chewing gum on the first day of Ramadan

Yes, I can certainly see why people are rushing to relocate to these medieval, backward, theocratic cat litters :lol:

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Yes, I can certainly see why people are rushing to relocate to these medieval, backward, theocratic cat litters :lol:

Be careful what you do with those cats...

'Islam Question and Answer -- Keeping cats':

http://www.islam-qa.com/en/ref/7004

It is permissible to keep cats but it is not permissible to buy or sell them; they may be given as gifts or given away. That is because of the hadeeth of Abu’l-Zubayr who said: “I asked Jaabir about the price of dogs and cats. He said, ‘The Prophet (peace and blessings of Allaah be upon him) forbade that.’†(Narrated by Muslim, 1569).

And Allaah knows best.

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I Noted the year the programme was made was 2007, anyone got any recent news on how they have been affected by the downturn ?

Take a look at this informative slideshow...

'Off the Deep End: A Look at the Decline of Dubai' [August 2009]:

http://www.fastcompany.com/multimedia/slid...tent/dubai.html

90813579.jpg

Deserts have a way of reclaiming whatever is built upon them. In the case of Dubai, the global financial implosion has sent that process into overdrive. After six years of frenzied expansion, during which the emirate's population grew at 7% annually and nearly $600 billion went into construction (the world's tallest building! the world's largest shopping mall! the biggest man-made island! an indoor ski resort!), reality has come rushing into view.

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Take a look at this informative slideshow...

'Off the Deep End: A Look at the Decline of Dubai' [August 2009]:

But as one departing expat notes, "At the end of the day, it's not our country. So if we're made redundant, we have to go home."

.. at least it sounds like Dubai has got a sound immigration policy, perhaps something we in the UK could implement?

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Been there a few times with work. The last time was in 2000. They had built too much, too fast even then. The old style 'souks', i.e. markets, were being shunned because of all the new air-conditioned indoor malls. 6 months of the year, it is just too hot, 49C in August is common.

Loved the cheap kebabs, soft drinks and CDs. Not much else there, unless you love your gold. Enjoyed Thank God Its Thursdays though.

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I work there quite regularly. The finance industry took a major knock and a lot of the new building work took a serious hammering. I think they are struggling with debt unbelievably.

One of the things that gets me; up and coming place, no doubt, but they need to get over westerners drinking from a bottle of water in 50 degree heat during ramadan... deal with it.

People don't walk the streets here, majority drive around..

No problem, go into any shopping mall ad an area set aside..

Also you can eat/drink outside, just do it covertly..

42-44 degrees the whole of last week, and I work outside..

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yeah! The Boom Town is waiting for the Rats to take up residency.

Yep, I get CV's from UK all the time,

We aint sacking anymore, nor are we taking on your lay-offs

Edited by 234SALE

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People don't walk the streets here, majority drive around..

No problem, go into any shopping mall ad an area set aside..

Also you can eat/drink outside, just do it covertly..

42-44 degrees the whole of last week, and I work outside..

Sounds like the last place you would wish to be, artificial, concrete, materialistic jungle.....will most definitely give it a miss, there are many real places I would rather be. ;)

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I'm a white westerner from Brighton, aged 33...

I have been in Dubai for 5 years now, working full time for the South Koreans

Dubai isn't Handout UK, If you want to work hard, you can rake it in ..

The property crash here has been a realistic one, prices down from peak 70%.....

Much promises of developers have gone up in smoke, just like Las Vegas boom in 2002..

The system here has had no phoney stimulus package, Interest Rates for borrowers are still 8%, Banks will only lend with 3 years proof of salary...

Maybe UAE goverment will introduce a TAX,,

Petrol, 25p a litre

Fags, 1.25 a pack

no Income TAX, No VAT, no money back no guarantee

Rodney this time next week we will be Millionaire's, (many did become Millionaire's)

Edited by 234SALE

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Sounds like the last place you would wish to be, artificial, concrete, materialistic jungle.....will most definitely give it a miss, there are many real places I would rather be. ;)

Please do give it a miss if thats your perception,, maybe it's artificial,, but hell,, which city isnt... Well accept my home town/ now city of Brighton/Hove..

Edited by 234SALE

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Please do give it a miss if thats your perception,, maybe it's was artificial,, but hell,, which city isnt... Well accept my home town/ now city of Brighton/Hove..

...many cities are real many cities are thriving, living and breathing...for many money is not a sole motivation of life and happiness. ;)

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...many cities are real many cities are thriving, living and breathing...for many money is not a sole motivation of life and happiness. ;)

Dubai is not just a City, it is one of many Emirates.

The UAE population may only be around 5 Million, so its hard to compaire..

thriving, living and breathing... That would be extremely true of Karma, Satwa and Bur Dubai...

Here, I even made this video for you as an education

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Dubai is not just a City, it is one of many Emirates.

The UAE population may only be around 5 Million, so its hard to compaire..

thriving, living and breathing... That would be extremely true of Karma, Satwa and Bur Dubai...

Here, I even made this video for you as an education

History and culture beats it for me any day...more places like it.

. ;)

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Just been watching a programme on the Discovery channel all about Dubai, it really made it out to be boomtown, with the biggest and tallest buildings in the world, it was a glossy champaine styled documentary that made the place and the people look like the high society of the world.

I Noted the year the programme was made was 2007, anyone got any recent news on how they have been affected by the downturn ?

Went there for Christmas, building project seems to be booming still, expensive to live there, rent wise but shopping is cheapish, drinks are £7-£8 a pint, mainly due to the pound worth less!!!, taxis are cheap. £10 will get you a ride anywhere for 2 hours. Flights are cheap and hotels reasonable, will go back.

The tallest building in the world is huge!! and the view from the marina is impressive. will go back for sure. Best place to stay is the Jamarah beach area.

100_0810.JPG

post-7764-1252161144_thumb.jpg

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Sorry Winkie,, Yawn...........

As I said, if you don't want to come and see, stick to Italy..

Problem is, done it, seen it, eat it and smelt it.... plenty of times..

It expensive, rubbish hotels and dirty,,, Maybe you would like Sharjah instead.... (just -expensive)

Or maybe you should see what the biggest names in Italian Fashion are doing today

http://www.palazzoversace.ae/

http://www.armanihotels.com/en/index.html

Both are here in Dubai...

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Sorry Winkie,, Yawn...........

As I said, if you don't want to come and see, stick to Italy..

Problem is, done it, seen it, eat it and smelt it.... plenty of times..

It expensive, rubbish hotels and dirty,,, Maybe you would like Sharjah instead.... (just -expensive)

Or maybe you should see what the biggest names in Italian Fashion are doing today

http://www.palazzoversace.ae/

http://www.armanihotels.com/en/index.html

Both are here in Dubai...

Look Dubai does nothing for me and I have no craving to visit in my lifetime...a man made utopia...people their culture and their history make a place a real fascinating place...I know what I like, new, clean and man made is not attractive in my mind... ;)

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Look Dubai does nothing for me and I have no craving to visit in my lifetime...a man made utopia...people their culture and their history make a place a real fascinating place...I know what I like, new, clean and man made is not attractive in my mind... ;)

I don't disagree,

P.S You would make a great Emirati Spokes Person....

I work currently with 26 Nationalities, the history I love most is in the individuals story..

Back to Topic,, Dubai has gone through a massive correction.. Investors have suffered..

Here are my thoughts

It feels to me currently we hit the surface of something... But the surface is a muddy squishy mess that we are slowly sinking in.. At some point we will actually hit a firm surface. The problem is when you stand in that kind of sinking sand, you can't just pull your foot out without risk of losing your shoe. If in real sinking sand we are told to lay flat and try and crawl or roll out.

The surface hit...

Banks are willing to lend again, but you need 20% deposit and have a regular salary above 15K. Interest Rates where never fiddled with thus you can get around 8% at best. This criteria will only improve, but slowly...

The sinking

Supply is going to be an issue, I recon the majority of investors are going to face some financing issues as they expected to get out before the handover. Developers still have stock of units coming to completion, but are reluctant to cancel..

I believe cityscape will pass with no significant mention as advertising budgets are close to zero. What we need is growth, that’s what made Dubai. Attracting foreign companies, longer residence for home owners... When I came to Dubai, it had good quality of life, a buzz was in the air and many opportunities to be had. Today that quality of life is returning but very few opportunities are available. I like many still have some doubt on its future, count the fills,, even at Spinneys I want my 25fills... I can't see us ever returning to the 04-08 period, maybe things will be like the 01-04 period,, but I wasn't here then...

Many questions aren’t even asked, the culture of avoiding talking about the bad doesn’t solve the issues. Leaving a job undone, never makes the job done.. I always get told there is a plan, some new leadership from the top,, but I haven’t seen that action as of yet, maybe this is a good time to use inshallah.

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