Dubai crash?
Oct 15th 2006, 7:53 pm
#2
Guest
Posts: n/a
Re: Dubai crash?
interesting because it comes from a leading businesman and not a finance journalist.
The signs are already there to be honest - new developments are not booking out. Go and phone up a 'sold out' development. I bet you can get a property off plan.
I know people who have been offered 'sold out' properties direct from the developers at a 15 to 20% discount.
Factor in the massive changes in the mortgages available to try and pep up the market and for the first time ever, properties where you don't have to start paying until you move in and you can see that the new build market is struggling.
I'm not convinced it will be a huge crash - but if the stock market is anything to go by - people (who by and large have no idea what they are doing) will panic and that will make things worse.
The signs are already there to be honest - new developments are not booking out. Go and phone up a 'sold out' development. I bet you can get a property off plan.
I know people who have been offered 'sold out' properties direct from the developers at a 15 to 20% discount.
Factor in the massive changes in the mortgages available to try and pep up the market and for the first time ever, properties where you don't have to start paying until you move in and you can see that the new build market is struggling.
I'm not convinced it will be a huge crash - but if the stock market is anything to go by - people (who by and large have no idea what they are doing) will panic and that will make things worse.
Oct 15th 2006, 8:00 pm
#3
Guest
Posts: n/a
Re: Dubai crash?
http://www.itp.net/business/news/det...2386&category=
This was equally as interesting a link...
It seems to say that they sanctioned the Creek extension and started work on it full pelt without having any clue whatsover as to how they were going to get it past SZR.
Now there is a real prospect that SZR will have to have an enormous bridge built at one of the busiest sections of the road, just next to Doha street - which is of course also about to have two years worth of work on it.
I would say unbelievable - but it isn't unbelievable is it. It's typical Dubai. Farcical is an understatement.
This was equally as interesting a link...
It seems to say that they sanctioned the Creek extension and started work on it full pelt without having any clue whatsover as to how they were going to get it past SZR.
Now there is a real prospect that SZR will have to have an enormous bridge built at one of the busiest sections of the road, just next to Doha street - which is of course also about to have two years worth of work on it.
I would say unbelievable - but it isn't unbelievable is it. It's typical Dubai. Farcical is an understatement.
Oct 16th 2006, 5:11 am
#4
UAE Expat
Joined: Jan 2005
Location: Dubai, UAE
Posts: 3,393
Re: Dubai crash?
Maybe that's why since last wednesday the credit insurrance rates on business transactions to the UAE have been raised from 3.2% on the f.o.b. value up to 4.6% on the f.o.b. value. If one keeps in mind that a country like Saudi Arabia is scaled in at 1.2% it does make one wonder. Maybe the rumors are just food for rumors, but it might be wise to be a bit careful outthere.
