Comments on: Once Booming Dubai Goes Bust
CBS Evening News: Following Wave Of Speculation, Real Estate Collapses In Middle East's Capital Of The Ultra-Rich
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- 11. Decrease in Oil prices: Sudden decrease in everything from food prices, to raw materials%u2026.. creating sudden panic as properties are cheaper to build and a fear of further reduction is iminent.
12. There are too many chefs in the tiny real estate kitchen of dubai, have you noticed there aren%u2019t any happy faces in the media anymore!!! what happened to the so called international anouncements about their acquisitions%u2026
13.The Sheikh factor: when the ruling family is desperately getting into everythng from real estate, to owning or managing coffeshops and bakeries, landries%u2026. then the opportunities for the public is becoming less and less which means a lot of unhappy UAE nationals and residents%u2026. which everyone know will not help the already unstable state of dubai.
14. Big brother factor: let there be no doubt Abu Dhabi will eventually overtake dubai for the right reasons. money is not an issue thanks to oil & there is no rush to sell everything just to raise funds for the previously anounced project like in dubai. Dubai%u2019s power in UAE will be reduced due to lack of funds, money talks!!! - Reply to this comment
- 5. Loose the Confidence You loose everything: The investors/buyers are wakening up to the reality & there is absolutely no confidence in the market not only because of the global financial crisis but mainly because of the over supply & fear of the crash.
6. Genius Government policies: dubai government is its own worst enemy, at times like this what does dubai do? They launch new mega projects & new development companies like meraas with ambitious projects that will only further dampen market confidence.
7. Investor%u2019s security: Dubai%u2019s judicial system is as good as any underdeveloped country with selective rights depending who the complaint is against.
8. No human rights when it comes to dubai police. infact torture and enforced disappearance has become common in dubai under the umberella of the state security they can attach anything to anyone to reach their commercial targets.
9. Everybody owns 20% of several properties: Paying a few installments does not make you theowner so when the next installments come due and there is no quick sales like the good old days, what happens? Sell below the price or lose your deposit with the developers%u2026. results in what we call %u201Cdistress sell%u201D
10. Oil prices & Inflation: ofcourse oil prices doubled so did the cost of steel & cement & food & labor accomodation%u2026 result abnormaly increase in construction prices on a weekly basis!!!%u2026 so an increase in property prices due to rising cost%u2026. - Reply to this comment
- As someone who lives and breathes real estate since its first days here in Dubai, I feel it is necessary to see the cause of the boom and only then we may be able to make some calculated estimates of the future market condition.
1. Dubai real esate growth was based on a promise of freehold, residence permit, tax free benefits for nationalities who have certain restrictions in their countries and saw dubai as a safe secure investment opportunity.
2. Government of dubai removed the residence permit guarantee by buying a property. So automatically no tax free status, coz if you are not a resident of Dubai you can not open bank account & you are still liable for taxes in your country.
Comment by real estate expert - October 29, 2008 at 12:21 am
3.Nakheel/emaar/dubai holding factor: All these companies hate each other and therefore fight for the attention of sheikh mohammed, which means the greed and ego overtake logic and feasibility!!! result: Excessive lands/properties/ mega projects without proper planning & infrastructure in place.
4. Universal law supply Vs. Demand: nobody realises that the already anounced projects in dubai will need about an extra 6 million people to live in it!!!! (From Lagoons, meydan, dubailand, tatweer, mizin, industrial projects, emaar, bawadi, the world, the universe, palm deira, port rashid, waterfront, arabian canal, dubai world central%u2026.)Excuse me thats almost double the UAE population. - Reply to this comment
- Petro49L You are so wrong. I live here in Dubai I am from orlando. The city here is almost crime free. There is not a druggie in sight as long as I have been here. I have never lived in a society so safe and free from drug addicts. in Orlando I can not go a day with out being approached by a begger or a drug addict or some kid trying to sell crack at the corner of 7-11. I have yet to see any of it here and I go everywhere. Not one drug dealer have I seen. Zero pornography in stores. 95% alcohol free you can''''t by it at any convenience store or gas station. Bad propoganda by American media. I am building the worlds tallest building the Burj and I bet there is at least 300 high rises still going up. I doubt there is 1/4 that many in the entire USA under construction. We love Dubai!! We love America too but it is like a garbage dump concerning there morales i hate saying that but it is true.
Posted by Thecool-1 at 11:34 AM : Jan 03, 2009
A 28-year-old Russian female, who visited Dubai on a tourist visa, and a 30-year-old male citizen of Lebanon, a salesman in a local store, were put on trial for drinking juice in a public place in the daytime during Muslim fasting. - Reply to this comment
- hey daffy,
do you really think the average Middle easterner is swimming in cash? Did you know that Cheney''s Haliburton is one of the biggest companies in Dubai? Everything over there is no different than over here, you got a couple of Extremely wealthy speculating on land and their mistakes are paid for by the commoner. They just a little darker over there. Cheney and his haliburton have wrecked at least half dozen countries, America, Iraq, Afghanistan, Dubai, Palestine, India. How much suffering and corruption has one man caused? - Reply to this comment
- Posted by telescopeman
Dubai first gained distinction in the 1800s as a stopover for ships making their way to and from England to India. Dubai was under the protection of the British Empire until 1971 when Britain left the area peacefully.
Shortly after, oil was discovered just off the coast. Suddenly Dubai was rich beyond anyone''s wildest imagination. It was like winning the lottery.
Now who is ignorant?? All you have to do is look this *** up. - Reply to this comment
- Isn''t it great to see all the F-series pickup truck gas guzzlers supplying lazy folks in the middle east with an extravagant life?
Wonderful. - Reply to this comment
- Petro49L You are so wrong. I live here in Dubai I am from orlando. The city here is almost crime free. There is not a druggie in sight as long as I have been here. I have never lived in a society so safe and free from drug addicts. in Orlando I can not go a day with out being approached by a begger or a drug addict or some kid trying to sell crack at the corner of 7-11. I have yet to see any of it here and I go everywhere. Not one drug dealer have I seen. Zero pornography in stores. 95% alcohol free you can''t by it at any convenience store or gas station. The police treat you with respect and you don''t see public indecencies here like you do there. I may never return. As for the assumed BUSt on the market here. Bad propoganda by American media. I am building the worlds tallest building the Burj and I bet there is at least 300 high rises still going up. I doubt there is 1/4 that many in the entire USA under construction. We love Dubai!! We love America too but it is like a garbage dump concerning there morales i hate saying that but it is true.
- Reply to this comment
- 30 YEARS OF REPUBLICAN ECONOMIC POLICIES...
BETTER THAN FOUR YEARS OF DEMOCRATIC POLICIES.. see Jimmy Carter... - Reply to this comment
- They are running out of oil, so they turn to tourism as a means to generate money. Unfortunately, tourism is going bust along with everything else. Who in their right mind would pay 10 million for a house built on sand in an ocean, in a place where you get jail time for kissing someone in public and they call it se/x on the beach?
- Reply to this comment
- Man am i glad they did not get the ports that Bush and the Republicans were tryin g to give away.
- Reply to this comment
- Dubai corrupted from fast oil money and immorality. The People of the city lust for hard liquor, exotic street drugs, illicit porn, public fornication, and extreme forms of gambling. They show no interest in honest work and ethics. The structures represent the greed and avarice of the sinister cartel called O.P.E.C.
- Reply to this comment
- "Don''''t worry Dubi, as soon as the dems get control, they will bail you out also.
Heck everyone else is asking for our money, why not you.
Comrade Obama will save the day.
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Posted by Platteman at 09:17 AM : Jan 03, 2009"
8 years of Republican rule and nearly 30 years of Republican economic policies (called trickle-down) and you STILL don''t get it.
Nobody is more blind than those who refuse to see. - Reply to this comment
- It''''s pretty obvious that whoever wrote this article hasn''''t done her homework.
Posted by mutleyboy1
Dubai has been a center of Arab commodities trading for years.
And the only commodity they really trade is oil. - Reply to this comment
- Comrade Obama will save the day.
Posted by Platteman
You just got screwed by an elephant.
And you don''t even know it. - Reply to this comment
- Don''t worry Dubi, as soon as the dems get control, they will bail you out also.
Heck everyone else is asking for our money, why not you.
Comrade Obama will save the day. - Reply to this comment
- hasn''''t done her homework.
Posted by mutleyboy1
I dont see where hey said there was oil IN Dubai, only that '' Over the years, booming oil prices helped turn Dubai into a land of opportunity and playground for the ultra rich'' which is a very true statement. They are surrounded by oil rich clientele. - Reply to this comment
- give it a little time and nature will really destroy that sand bar city ,only fools build cities on sand in the ocean
- Reply to this comment
- and didn''''t we already in the future go back and adjust the past .. does not each already rally round all the infinite sick beds inforever each and every moment without waver without flinch without doubt and with limitless skill and dedication .. and isn''''t each of those sick beds one of our very own: more so: infinite ones of our very own, each and every one .. ''''
Posted by morphndol8 at 02:58 AM : Jan 03, 2009
Morph-are you aware that there are computer programs that can analyze text for similarities?
Look up the word plagiarism slick. - Reply to this comment
- Sign them up for a Bailout.LMAO.Horse Tird Tears ! ! ! !
- Reply to this comment
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