NorthernLad

Not sure, although a colleague is waiting on notification of his place going up for sale.

He said he cannot understand how anyone would want to buy the places, they are falling apart.

arbroath_abroad

They have sold quite a few of them,

Northernlad, i concur, they are falling apart, shit quality for a high price

bargain (NOT)

shiva

funny what impending doom can do eh

http://www.gulfnews.com/business/Rea.../10121740.html

Eeyore

Heh! That's what I thought too when I heard it on the radio this morning

Amusing to note that they're now calling the NOCs "Notification of Completion" certificates... obviously somebody realised that it wasn't good PR for people to have to obtain No Objection Certificates in order to sell their "freehold" property

Border Reiver

The only thing I'm tetchy about is the amount of drivel being spouted about the property market here- by the experts and the amateurs. Nobody really knows what is going to happen but nobody- especially the experts- want to admit to not having a clue. I don't really have a dog in this fight- it would take a lot more than a 30% fall before I started loosing money but some people rely on what is written here for information (Heaven help them!) and a lot of speculation is being presented as fact.

If the "experts" can't even agree on what is happening in a mature market like the UK then what is the point in writing reports about Dubai?

Jammy_Dodgers

The end of the world is nigh!!!!! repent! repent!!!!!!!!



One thing i will say, it has got rather emotive considering the majority of people here dont own and they rent.
In alot of cases their rent is paid/contributed to, therefore their exposure is minimal.

So why is everyone getting all stressy??



Great thread for a change BTW

Border Reiver

At the risk of stirring up another hornet's nest I think some people (in real life, not just on this board) are getting stressy because they missed out on the property boom last time and are hoping if prices crash they might get another chance. Or they just can't stand the thought of people making a lot of money when they missed out. I don't need to name names- they already know who they are.

Me? I'm chilled

expat.brat

As am I. Beer?

Jammy_Dodgers

I say fair play to the people who have made cash.....they can buy the beers!!

Agreed, if there is an "adjustment" i would buy.
Doesnt mean that im praying for a crash, as if it doesnt happen then no big deal.

Im unemotional on the subject so if prices become a bargain ill invest.

Eeyore

Do I really need to point out that that's what the private investors were saying before the stock market crashed?

So you don't think there's any real difference between speculation informed by extensive professional research, and speculation informed by nothing more than basic gut feeling?

That's the cop-out response of all property owners here, though, isn't it? It's an attempt to derail the discussion and avoid engaging with the specifics - note how whenever the example of the stock market crash is brought up, the property owners dodge round it

For our part, we were poised to buy last year, but after taking proper advice we decided against it. If we'd been here when you could pick up Springs villas for pocket change, then yes, we'd probably be bitter, but we weren't, so it's fairly moot

W10

It's a bit of a non argument BR.

I think myself and Gareth have both openly admitted that had we been here in 2001 we would have bought - I would have bought several properties I imagine.

I have no axe to grind. I just happen to think it is an unsustainable situation. If you've made your money (minus the Dh10,000 fees from Emaar - although not Nakheel anymore ) then fair play to you. I don't begrudge people from making money.

Border Reiver

I wasn't getting at anybody on this board, but I have met people in real life (yes, I do have one!) who are bitter and twisted because they were here in 2003 (when I bought) and deliberately decided not to buy because the whole freehold thing was a "bubble" and a "sham".

Maybe I need to pick my friends more carefully......

As for the stock market, I can't comment because I don't know enough about it, but I wouldn't have thought you could compare it to the property market. People don't need to buy shares, people do need somewhere to live be it rented or bought.

W10

People do need to buy shares, otherwise the entire global economy would collapse.

The biggest mistake that people make is that you are not affected by the stock market.

shiva

Nobody NEEDS to buy shares. I agree if everyone stopped though that the global economy would be in tatters but nobody actually needs to buy them

W10

By that logic, nobody NEEDS to buy houses. We could just live in them as part of a collective.

I mean, if we're dispensing with the entire foundation of the global economy then we don't need property sales and rentals do we...