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dubai eye

Wheel Coming Off In Dubai?

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Quote from Walter Hart, Head of Special Projects at Better Homes, Dubai "With a rash of new developments being launched seemingly every other week, Dubai freehold market has started to make its first aquaintance with 'negative equity'. Prices of individual units in certain developments are hovering at their launch price or lower in secondary markets.

e.g. Emirates Lakes Towers has fallen from Dh800 per square foot to Dh750 or even Dh700.

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Well, if you had believed the hype and publicity surrounding Dubious then you will believe that every A, B, C, D and E-list celebrity has been buying up property in Dubious in the past 18 months.

I think everyone from grade A Hollywood types right down to E-list reality TV nobodies have been supposedly buying property out there. Personally, I think that the majority of them were simply paid to publicise Dubious property and to rope the rest of us in.

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I read an article that suggested the developers of that offshore "Palm tree" island had screwed up bigtime on the costs and were massivly increasing the density of housing on the islands to make up for it. Now they are starting to realise that the infrastructure, eg road to mainland, will be totally overloaded with no ability to upgrade it.

Doesn't sound like a safe investment to me.

Having been to Dubai my impression is of a patch of desert with some high-rises plonked on it. Take away the oil money and there is virtually no reason to be there - all the expats go home, all the oil-related businesses shut down and you are left with a vast number of unwanted and unsaleable properties.

Even Aberdeen does stuff other than oil.

Avoid.

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Having been to Dubai my impression is of a patch of desert with some high-rises plonked on it. Take away the oil money and there is virtually no reason to be there

Isn't the whole point of what they're doing in Dubai at the moment to diversify away from the oil sector? I.e. building stuff like the Palm and the Burj Al-Arab in order to stimulate tourism, creating tax-free economic zones for businesses to relocate to, etc:

http://www.wisegeek.com/is-dubai-really-tax-free.htm

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I read an article that suggested the developers of that offshore "Palm tree" island had screwed up bigtime on the costs and were massivly increasing

Palm tree island will soon be at war with 'The World' if this continues (you guessed it, an set of archipeligos to reflect the globe).

theworld_big.JPG

In a few years when the dust settles these will truly be seen for what they are, the follies of our time, much as they lamented about pets.com after the fact, it will all seem so clear by then.

Edited by BuyingBear

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dubia sounds a bit dodgy imo. Middle east. Also towers are popping up everywhere. Saturation?

Hrm, so you take a country and build an assortment of shiny new towers piecing the skyline, designed by Western architects packed full of wealthy infidels, many from decadent TV programmes like 'Bargain Hunt', 'To Buy or Not to Buy' or 'Dislocation * 3', surrounded by impoverished and frustrated locals, with the gardens alone equipped with more fresh water than the adjacent slum... in the Middle East?

Hrm, suit you.

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I read an article that suggested the developers of that offshore "Palm tree" island had screwed up bigtime on the costs and were massivly increasing the density of housing on the islands to make up for it. Now they are starting to realise that the infrastructure, eg road to mainland, will be totally overloaded with no ability to upgrade it.

Doesn't sound like a safe investment to me.

Having been to Dubai my impression is of a patch of desert with some high-rises plonked on it. Take away the oil money and there is virtually no reason to be there - all the expats go home, all the oil-related businesses shut down and you are left with a vast number of unwanted and unsaleable properties.

Even Aberdeen does stuff other than oil.

Avoid.

Don't agree. Wouldn't want to be there, have heard some really nasty stuff about the politics / military behaviour, but if you can ignore that its like Monaco - a great place to invest. All the 'nice clean rich suitable' people are buying and being bought. Check out how easy it is to fool a royale by pretending to be a sheik these days (once is understandable, twice is just ridiculous!)

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Read another forum where all these plebs from engerland have bought studios for about 30k etc. Loads of em. Its a self sustaining bubble while it lasts, then when no new money comes in it pops. Oh yea its a pyramid :o They then realise its not "real" money. dubia is trying to change from just oil, with all these programs etc. But will it ever be anything other than a muslim country in the desert that is to hot 7 months of the year? they're trying place marketing, like "i love ny", only they havent got it quite right i think? 32 towers are being built, I think i worked out it to be 15000 apartments.

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  • 302 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%



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