Dubai Homes From Hell
Jun 28th 2010, 5:08 pm
#1
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Dubai Homes From Hell
This Thursday, 9pm on ITV1 - could be interesting... the ITV blurb says this..
First in a new documentary series. Today's episode looks at the British victims of Dubai's property crash. While the property boom was in full swing, they paid out thousands for brand new, state-of-the-art homes, but now the recession has left them with nothing. The programme meets the couple who invested in a yet-to-be-built ski resort, a family who were forced to flee in the middle of the night to avoid jail, and a man who travelled to Dubai to meet the developer who took his money but failed to build any apartments.
First in a new documentary series. Today's episode looks at the British victims of Dubai's property crash. While the property boom was in full swing, they paid out thousands for brand new, state-of-the-art homes, but now the recession has left them with nothing. The programme meets the couple who invested in a yet-to-be-built ski resort, a family who were forced to flee in the middle of the night to avoid jail, and a man who travelled to Dubai to meet the developer who took his money but failed to build any apartments.
Jun 28th 2010, 9:53 pm
#2
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Posts: 1,160
Re: Dubai Homes From Hell
This is the link:
http://www.itv.com/presscentre/homes...s/default.html
From reading the above it would seem they've only spoken to/looked for people with negative views. As usual.
Surely there are many who took the gamble and bought off plan early on (in 2003 for example) and who are still sitting on a reasonable profit, despite prices dropping by a good 50% since the stupid times of 2006/7?
http://www.itv.com/presscentre/homes...s/default.html
From reading the above it would seem they've only spoken to/looked for people with negative views. As usual.
Surely there are many who took the gamble and bought off plan early on (in 2003 for example) and who are still sitting on a reasonable profit, despite prices dropping by a good 50% since the stupid times of 2006/7?
Jun 28th 2010, 9:58 pm
#3
Lost in BE Cyberspace
Joined: Jul 2007
Posts: 13,553
Re: Dubai Homes From Hell
This is the link:
http://www.itv.com/presscentre/homes...s/default.html
From reading the above it would seem they've only spoken to/looked for people with negative views. As usual.
Surely there are many who took the gamble and bought off plan early on (in 2003 for example) and who are still sitting on a reasonable profit, despite prices dropping by a good 50% since the stupid times of 2006/7?
http://www.itv.com/presscentre/homes...s/default.html
From reading the above it would seem they've only spoken to/looked for people with negative views. As usual.
Surely there are many who took the gamble and bought off plan early on (in 2003 for example) and who are still sitting on a reasonable profit, despite prices dropping by a good 50% since the stupid times of 2006/7?
If you buy shares at, say, 500p, then watch them go up to 800p, before falling to 550p (at which point you decide to sell), you'd be pissed off, even though you have notionally made a profit.
Jun 29th 2010, 4:41 am
#4
Bored liberal
Joined: Feb 2007
Location: Over there ----->
Posts: 13,713
Re: Dubai Homes From Hell
So, yet again, it's going to be a Dubai bashing programme? Victims?? Some may well be, but so many others were utterly stupid, greedy and just assumed that the bubble would never end. There are people who spend vast amounts of money without reading the contracts or bothering to employ a lawyer.
Property is an asset class and like any other is can go down in value as well as up. I am always amazed at people's short term memories regarding property prices.
-
Property is an asset class and like any other is can go down in value as well as up. I am always amazed at people's short term memories regarding property prices.
-
Jun 29th 2010, 4:50 am
#5
banned
Joined: Oct 2008
Posts: 7,611
Re: Dubai Homes From Hell
So, yet again, it's going to be a Dubai bashing programme? Victims?? Some may well be, but so many others were utterly stupid, greedy and just assumed that the bubble would never end. There are people who spend vast amounts of money without reading the contracts or bothering to employ a lawyer.
Property is an asset class and like any other is can go down in value as well as up. I am always amazed at people's short term memories regarding property prices.
-
Property is an asset class and like any other is can go down in value as well as up. I am always amazed at people's short term memories regarding property prices.
-
muppets
Jun 29th 2010, 5:30 am
#7
Account Closed
Joined: Oct 2008
Posts: 2,502
Re: Dubai Homes From Hell
Everything you buy is caveat emptor, but I will have sympathy for some people who bought property out here. The real estate developers and agents blatantly lied to people and sold properties along with implications for guarantees for deliveries, residency visas and a safe real estate legal framework...none of which materalised. Dubai PLC was an insidious example of so many buyers being deliberately misled - in most other countries what happened in Dubai would be considered outright fraud.
Being out here in the boom I can understand why some people bought property they couldn't really afford. Rents were seemingly going up 10% every week and there was a real panic among many Dubai residents to buy something otherwise they would get caught up in the seemingly endless upward rental price spiral. I sensibly would have left but I recognise and have sympathy for people who got caught up in the panic.
The greedy investors, on the other hand, deserve what they got.
Being out here in the boom I can understand why some people bought property they couldn't really afford. Rents were seemingly going up 10% every week and there was a real panic among many Dubai residents to buy something otherwise they would get caught up in the seemingly endless upward rental price spiral. I sensibly would have left but I recognise and have sympathy for people who got caught up in the panic.
The greedy investors, on the other hand, deserve what they got.
Jun 29th 2010, 9:43 am
#10
Excess Baggage
Joined: Jul 2006
Location: UK
Posts: 5,479
Re: Dubai Homes From Hell
Everything you buy is caveat emptor, but I will have sympathy for some people who bought property out here. The real estate developers and agents blatantly lied to people and sold properties along with implications for guarantees for deliveries, residency visas and a safe real estate legal framework...none of which materalised. Dubai PLC was an insidious example of so many buyers being deliberately misled - in most other countries what happened in Dubai would be considered outright fraud.
Being out here in the boom I can understand why some people bought property they couldn't really afford. Rents were seemingly going up 10% every week and there was a real panic among many Dubai residents to buy something otherwise they would get caught up in the seemingly endless upward rental price spiral. I sensibly would have left but I recognise and have sympathy for people who got caught up in the panic.
The greedy investors, on the other hand, deserve what they got.
Being out here in the boom I can understand why some people bought property they couldn't really afford. Rents were seemingly going up 10% every week and there was a real panic among many Dubai residents to buy something otherwise they would get caught up in the seemingly endless upward rental price spiral. I sensibly would have left but I recognise and have sympathy for people who got caught up in the panic.
The greedy investors, on the other hand, deserve what they got.
Jun 29th 2010, 11:51 am
#11
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Joined: Dec 2004
Location: Dubai
Posts: 6,373
Re: Dubai Homes From Hell
This is the link:
http://www.itv.com/presscentre/homes...s/default.html
From reading the above it would seem they've only spoken to/looked for people with negative views. As usual.
Surely there are many who took the gamble and bought off plan early on (in 2003 for example) and who are still sitting on a reasonable profit, despite prices dropping by a good 50% since the stupid times of 2006/7?
http://www.itv.com/presscentre/homes...s/default.html
From reading the above it would seem they've only spoken to/looked for people with negative views. As usual.
Surely there are many who took the gamble and bought off plan early on (in 2003 for example) and who are still sitting on a reasonable profit, despite prices dropping by a good 50% since the stupid times of 2006/7?
That said, a LOT of people were burnt by the Dubai property crash so it's always good to remind people that the UAE is still a third world country with first world revenue...what did people really expect would happen?
N.
Jun 29th 2010, 7:03 pm
#12
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Thread Starter
Joined: May 2009
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Posts: 77
Re: Dubai Homes From Hell
From reading the above it would seem they've only spoken to/looked for people with negative views. As usual.
Umm, methinks the clue might be in the title of the programme ? Homes from Hell.....
Umm, methinks the clue might be in the title of the programme ? Homes from Hell.....
Jun 30th 2010, 7:49 am
#13
**** it we'll do it live
Joined: Oct 2004
Location: Dubai
Posts: 7,892
Re: Dubai Homes From Hell
to my mind the crux isnt about whether people got greedy and lost or not but rather that there must be thousands globally that put money down for properties that werer never real, will never be built etc.
there are more than a few cases of developers selling buildings on land they didnt own and who are now in the wind.
how many of those stories will never be heard and the people who lost never refunded.
buying at a stupid time is one thing and i have no sympathy for those sheep who charged after the bubble but the people who suffered from genuine fraud and scams are truely screwed laregly because of where they bought rather than when they timed their purchase.
there are more than a few cases of developers selling buildings on land they didnt own and who are now in the wind.
how many of those stories will never be heard and the people who lost never refunded.
buying at a stupid time is one thing and i have no sympathy for those sheep who charged after the bubble but the people who suffered from genuine fraud and scams are truely screwed laregly because of where they bought rather than when they timed their purchase.
Jul 1st 2010, 8:14 pm
#14
Forum Regular
Joined: Sep 2007
Posts: 244
Re: Dubai Homes From Hell
to my mind the crux isnt about whether people got greedy and lost or not but rather that there must be thousands globally that put money down for properties that werer never real, will never be built etc.
there are more than a few cases of developers selling buildings on land they didnt own and who are now in the wind.
how many of those stories will never be heard and the people who lost never refunded.
buying at a stupid time is one thing and i have no sympathy for those sheep who charged after the bubble but the people who suffered from genuine fraud and scams are truely screwed laregly because of where they bought rather than when they timed their purchase.
there are more than a few cases of developers selling buildings on land they didnt own and who are now in the wind.
how many of those stories will never be heard and the people who lost never refunded.
buying at a stupid time is one thing and i have no sympathy for those sheep who charged after the bubble but the people who suffered from genuine fraud and scams are truely screwed laregly because of where they bought rather than when they timed their purchase.
just waiting for the daily mail outrage to flow from disgruntled UK investors demanding the 'too good to be true returns we were promised' - sure to come in part 2.
CH
