Dubai Housing Prices Tumble To 2008 Levels
 

Ouch!
https://www.zerohedge.com/economics/...le-2008-levels

Re: Dubai Housing Prices Tumble To 2008 Levels
 

And the pace of the slowdown is accelerating.

Re: Dubai Housing Prices Tumble To 2008 Levels
 

Re: Dubai Housing Prices Tumble To 2008 Levels
 

Man sometimes I hate being right about these sort of things.
Watch this space next year folks, its gonna get worse, I can feel it.
Now its come to people I personally know who have been fired and companies I have worked with have closed shop.
The IT market has fallen to the same fate the mobile market has suffered. The same mentality (people from a certain place in the world but never mind that), sell sell sell, doesnt matter how much you make, buy and sell and keep the cash rolling, loss or profit will be calculated by year end. As long as the sale happens.

It might be great for the consumers but this is not a self sustaining business model because in the end the serious business players just end up leaving or bowing out. VAT and Amazon has ***** the market. I can only talk about IT and I forecast more and more businesses leaving by next summers.
As a one time property owner here in Dubai, I keep my eye on the property market as well and its pretty shoddy now. The same flat for 500k is down to 300k and I am willing to bet it will be 250k next summer. Thats a 50% drop in almost 2 years. Rent income has also gone down drastically. A 60K annual rental is now at 32K with the service companies across the board increasing their service charges instead of decreasing them! w t f man, this cant run in the long term you know.
Oh and by the way they have opened the market to the chinese cash and they are going crazy buying here, dont ask me why, I dont have an answer to that :D

Re: Dubai Housing Prices Tumble To 2008 Levels
 

Just curious: isn't this a long overdue correction? Rents, prices, etc. etc. were way too high and kept spiraling out of control since 2002. Even during the 2008 crash prices didn't drop much for groceries, utilities and such. In fact, if I remember correctly they went up. Nah, this is a long overdue correction and needs to drop even further. As for the service companies they are all government owned and will milk the expat till they are dry. Didn't the ruler say in an interview (I think in 2008) that those who cannot afford to stay can leave? I am paraphrasing here but I think he said something like "I've built four runways for those who cannot afford to stay so they can leave."

I feel sorry for businesses that have to wind up and close down; as you probably know it is a nightmare to close a company and cancel a license here. It is very easy to setup but near impossible to close (kinda like Hotel California).

Welcome to the Hotel UAE yah,
such a lovely blace, such a lovely blace,
anytime of the year, inshallah, you can come here,
blenty blace for you in jumeirah, sharjah, ajman and fujairah
for some it can be heaven
for some it can be hell
yanni, we are brogrammed to receive,
you can check out any time
but you can never leave!

Re: Dubai Housing Prices Tumble To 2008 Levels
 

[QUOTE=
Welcome to the Hotel UAE yah,
such a lovely blace, such a lovely blace,
anytime of the year, inshallah, you can come here,
blenty blace for you in jumeirah, sharjah, ajman and fujairah
for some it can be heaven
for some it can be hell
yanni, we are brogrammed to receive,
you can check out any time
but you can never leave![/QUOTE]

That actually made me laugh !

You have a great future here

Re: Dubai Housing Prices Tumble To 2008 Levels
 

Hahaha! Now THAT was funny man! Have an upvote!
Yeah I would agree that theres more tough love down the road!

Re: Dubai Housing Prices Tumble To 2008 Levels
 

Nah, it's ok.

Re: Dubai Housing Prices Tumble To 2008 Levels
 

I can see why you came to the sandpit.

Re: Dubai Housing Prices Tumble To 2008 Levels
 

Re: Dubai Housing Prices Tumble To 2008 Levels
 

:popcorn:

Re: Dubai Housing Prices Tumble To 2008 Levels
 

Re: Dubai Housing Prices Tumble To 2008 Levels
 

I think he's in the region for the religious side of things.

Re: Dubai Housing Prices Tumble To 2008 Levels
 

Re: Dubai Housing Prices Tumble To 2008 Levels
 

https://cimg4.ibsrv.net/gimg/british...6f6b7a1d38.gif