waitingscot Posted February 21, 2011 Share Posted February 21, 2011 Is there any word on how our favourite foreign property investment hotspot is faring amid unrest in the region? It sure would be a shame to see all those nice property investors lose their wisely invested nesteggs. Quote Link to comment Share on other sites More sharing options...
The Eagle Posted February 21, 2011 Share Posted February 21, 2011 Dubai property has been sinking for more than two years already, after all what do you expect from houses built on quicksands? Quote Link to comment Share on other sites More sharing options...
chronyx Posted February 21, 2011 Share Posted February 21, 2011 Wonder how 'The World' is holding up? Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted February 21, 2011 Share Posted February 21, 2011 Wait till all those Brits come flooding home... I am still seeing IT jobs advertised out in the Middle East... all seems a tad risky at present... Quote Link to comment Share on other sites More sharing options...
The Eagle Posted February 21, 2011 Share Posted February 21, 2011 Wait till all those Brits come flooding home... I am still seeing IT jobs advertised out in the Middle East... all seems a tad risky at present... Many Brits who bought 'property' in Dubai did it off-plan off a catalogue during some selling event in some posh central London Hotel, without ever having visited the location or even Dubai... (I know some who did this) Quote Link to comment Share on other sites More sharing options...
waitingscot Posted February 21, 2011 Author Share Posted February 21, 2011 Many Brits who bought 'property' in Dubai did it off-plan off a catalogue during some selling event in some posh central London Hotel, without ever having visited the location or even Dubai... (I know some who did this) Me too. Does it even exist? I have my doubts. Quote Link to comment Share on other sites More sharing options...
Ben is Back Posted February 21, 2011 Share Posted February 21, 2011 (edited) Me too. Does it even exist? I have my doubts. I know a guy who owns 7 lux appartments is Ajman (Emirate near Dubai). Bought off plan in 07, still just a patch of sand and the developer has stopped even asking for further payments. However one of the advantages Dubai has is its relative safety and stability is a very unstable region. It attracts a lot of educated and highly skilled Arabs, Persians and people from Pakistan ect who don't want to or can't get to the west. It also attracts the ritch from all these countries. I'm sure it will do very well from recent events as a brain and capital drain takes place. I imagine recent events would put up prime dubai real estate, Jumeirah beach ect Edited February 21, 2011 by Ben is Back Quote Link to comment Share on other sites More sharing options...
waitingscot Posted February 21, 2011 Author Share Posted February 21, 2011 I know a guy who owns 7 lux appartments is Ajman (Emirate near Dubai). Bought off plan in 07, still just a patch of sand and the developer has stopped even asking for further payments. However one of the advantages Dubai has is its relative safety and stability is a very unstable region. It attracts a lot of educated and highly skilled Arabs, Persians and people from Pakistan ect who don't want to or can't get to the west. It also attracts the ritch from all these countries. I'm sure it will do very well from recent events as a brain and capital drain takes place. I imagine recent events would put up prime dubai real estate, Jumeirah beach ect Unless instability spreads to Dubai. Iran are said to be flexing their muscles in the gulf. Quote Link to comment Share on other sites More sharing options...
ShedDweller Posted February 21, 2011 Share Posted February 21, 2011 Unless instability spreads to Dubai. Iran are said to be flexing their muscles in the gulf. From my understanding of Dubai that is unlikely. My understanding is that the only possibility of any unrest would be if the imported labourers were to revolt, Apparently there are 1000's of them with no passports and no money. But they would either be cut down or chucked out .. Quote Link to comment Share on other sites More sharing options...
fluffy666 Posted February 21, 2011 Share Posted February 21, 2011 I know a guy who owns 7 lux appartments is Ajman (Emirate near Dubai). Bought off plan in 07, still just a patch of sand and the developer has stopped even asking for further payments. However one of the advantages Dubai has is its relative safety and stability is a very unstable region. It attracts a lot of educated and highly skilled Arabs, Persians and people from Pakistan ect who don't want to or can't get to the west. It also attracts the ritch from all these countries. I'm sure it will do very well from recent events as a brain and capital drain takes place. I imagine recent events would put up prime dubai real estate, Jumeirah beach ect My worries would be.. - Lack of rule of law. Fundamentally, if you fall foul or get in the way of the locals, you are in trouble with little recourse. - Lack of sustainability. This isn't some minor complaint; when you need things like air conditioning, desalination and all-imported food just to survive, things could get extremely nasty very quickly. - Quote Link to comment Share on other sites More sharing options...
Bob Loblaw Posted February 21, 2011 Share Posted February 21, 2011 Unless instability spreads to Dubai. Iran are said to be flexing their muscles in the gulf. Very unlikely. The nationals are very well looked after and have no reason to revolt. As mentioned though the imported workers might revolt but they would just be suppressed and deported. The majority of imported workers, at least in the service sector, are well paid and looked after well and seem very happy to be in the UAE. Quote Link to comment Share on other sites More sharing options...
Ben is Back Posted February 21, 2011 Share Posted February 21, 2011 Unless instability spreads to Dubai. Iran are said to be flexing their muscles in the gulf. Dubai is where Iran washes its money and a lot of its trade is basically a front for getting round Iranian sanctions. (when Abu-Dhabi bailed out Dubai the rumor was that they did it as a way of stopping them going to Tehran.) No chance what so ever of Iran thretening Dubai. The only chance of it spreading would be internal. It was interesting to read about the Chinese workers protesting in Saudi. It is not imposible to imagine something like this 'rocking' dubai a bit but since foreign workers have no citizenship or rights of any kind and can be easily replaced regime change is not likely. The locals are all very happy with the 'regime'. wouldn't you be if you were guaranteed to be rich and not have to work for life! Quote Link to comment Share on other sites More sharing options...
1888 Posted February 21, 2011 Share Posted February 21, 2011 If it can kick off in Bahrain it can kick off anywhere in the ME Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted February 21, 2011 Share Posted February 21, 2011 I kid you not - just got offered a contract in Dubai Quote Link to comment Share on other sites More sharing options...
Ben is Back Posted February 21, 2011 Share Posted February 21, 2011 If it can kick off in Bahrain it can kick off anywhere in the ME Not True - Bahrain is a very different place from Kuwait, Qatar and the UAE, which I think there is 0 chance of anything'kicking off' Bahrain has a large population of local nationals, doesn't have the hugh natural resources and wealth of other gulf states. In bahrain Taxi drivers and shop workers ect are oftern Bahraini UAE / Qatar ect this is never the case. Additionally it has the shia / Suni issue which has been well reported. what you say is true in the sense that I can't see fellow GCC members (most notably Saudi) allowing anything in Bahrain to kick-off in a too serious sort of a way. Quote Link to comment Share on other sites More sharing options...
Ben is Back Posted February 21, 2011 Share Posted February 21, 2011 I kid you not - just got offered a contract in Dubai I'd say take it - live somewhere cheap, avoid all the consumerist money traps and save loads of cash. You can then finally get on the ladder with a studio flat shared equity scheme in a former sink estate in Swansea Quote Link to comment Share on other sites More sharing options...
The Eagle Posted February 21, 2011 Share Posted February 21, 2011 The majority of imported workers, at least in the service sector, are well paid and looked after well and seem very happy to be in the UAE. That is absolutely not true. the majority of imported workers (apart from westerners) are treated like slaves, they have no rights whatsoever and often their passports are confiscated as soon as they arrive. Quote Link to comment Share on other sites More sharing options...
The Eagle Posted February 21, 2011 Share Posted February 21, 2011 I'd say take it - live somewhere cheap, avoid all the consumerist money traps and save loads of cash. You can then finally get on the ladder with a studio flat shared equity scheme in a former sink estate in Swansea Dubai is not cheap at all, yes salaries are good (for highly qualified people) but rents are very high too. Also Dubai is a monument to consumerism, to all things fake and artificial, worse than even Las Vegas. Quote Link to comment Share on other sites More sharing options...
Tired of Waiting Posted February 21, 2011 Share Posted February 21, 2011 Is there any word on how our favourite foreign property investment hotspot is faring amid unrest in the region? It sure would be a shame to see all those nice property investors lose their wisely invested nesteggs. " The World is sinking: Dubai islands 'falling into the sea' - Telegraph, 20 Jan 2011 " http://www.telegraph.co.uk/news/worldnews/middleeast/dubai/8271643/The-World-is-sinking-Dubai-islands-falling-into-the-sea.html Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted February 21, 2011 Share Posted February 21, 2011 Dubai is not cheap at all, yes salaries are good (for highly qualified people) but rents are very high too. Also Dubai is a monument to consumerism, to all things fake and artificial, worse than even Las Vegas. Can't see myself going there. Europe has more interesting opportunities and quality of life at the moment. Quote Link to comment Share on other sites More sharing options...
Ben is Back Posted February 21, 2011 Share Posted February 21, 2011 Dubai is not cheap at all, yes salaries are good (for highly qualified people) but rents are very high too. Also Dubai is a monument to consumerism, to all things fake and artificial, worse than even Las Vegas. Rents are not as high as they were. And there are some places that are cheap as they were built to house the expected ever growing population (who then all left, dumbing their cars at the air port). share a flat in the Marina or Satwa areas, avoid spinneys and if you need it buy your alcohol from the philipino guy who will come nocking on your door. A single person could quite comfortably live off £800 a month and the rest would be saving. Quote Link to comment Share on other sites More sharing options...
The Eagle Posted February 21, 2011 Share Posted February 21, 2011 Rents are not as high as they were. And there are some places that are cheap as they were built to house the expected ever growing population (who then all left, dumbing their cars at the air port). share a flat in the Marina or Satwa areas, avoid spinneys and if you need it buy your alcohol from the philipino guy who will come nocking on your door. A single person could quite comfortably live off £800 a month and the rest would be saving. IMHO only vacuous superficial people could actually enjoy life in Dubai. Quote Link to comment Share on other sites More sharing options...
tallguy Posted February 21, 2011 Share Posted February 21, 2011 Globally speaking, is this the beginning of the end game? Quote Link to comment Share on other sites More sharing options...
MarkG Posted February 22, 2011 Share Posted February 22, 2011 Globally speaking, is this the beginning of the end game? The American Empire is falling apart the same way the Soviet one did. It was always going to be an interesting time to be alive. Quote Link to comment Share on other sites More sharing options...
okaycuckoo Posted February 22, 2011 Share Posted February 22, 2011 My worries would be.. - Lack of rule of law. Fundamentally, if you fall foul or get in the way of the locals, you are in trouble with little recourse. Absolutely key. Head for the US. Their bankers have put the rule of law in doubt, but as Homer Simpson said about his suckling pig, "It's still good, it's just a little dirty". Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.