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Exodus: Brits Leaving Dubai

Exodus: Brits Leaving Dubai

Old Nov 7th 2008, 6:42 am
  #46  
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Default Re: Exodus: Brits Leaving Dubai

Originally Posted by Shadya
In Dubai, your neighbours phone the Municipality if they see too many cars parked outside.
I hate curtain twitchers and folks who poke their noses into other folks lives-probably have a dull boring inadequate existence.Kinda makes me think of a poster on here -forever poking her nose into another poster's life trying to 'grass him up' for illicit advertising-so insistent too having been told on numerous occasions to keep her nose out.She would be better employed reading up on the meaning of hypocracy.
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Old Nov 7th 2008, 6:56 am
  #47  
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Default Re: Exodus: Brits Leaving Dubai

Originally Posted by Roadking
BE! What more credibility could you ask for?
This mass exodus talk sounds like a gross exaggeration. The sky isn't falling. Don't believe me? Go to Mall of the Emirates RIGHT NOW and try to get a parking space!!

It's undeniable that Dubai is feeling the effects of the global credit crisis.
However, I'm prepared to stay until I'm finished on my own terms! Anyone leaving the region right now is going to miss a huge opportunity. In the next year or two, we'll be seeing some fantastic distress sales. In a few years people will be moaning about "Why didn't I buy a house in Lakes in fall 2009?? It was so cheap then!!"

People are free to have their own opinion, and this is mine.

Last edited by BurpusMe; Nov 7th 2008 at 6:59 am. Reason: spelling
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Old Nov 7th 2008, 7:06 am
  #48  
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Default Re: Exodus: Brits Leaving Dubai

Originally Posted by BurpusMe
This mass exodus talk sounds like a gross exaggeration. The sky isn't falling. Don't believe me? Go to Mall of the Emirates RIGHT NOW and try to get a parking space!!

It's undeniable that Dubai is feeling the effects of the global credit crisis.
However, I'm prepared to stay until I'm finished on my own terms! Anyone leaving the region right now is going to miss a huge opportunity. In the next year or two, we'll be seeing some fantastic distress sales. In a few years people will be moaning about "Why didn't I buy a house in Lakes in fall 2009?? It was so cheap then!!"

People are free to have their own opinion, and this is mine.
This resonates with anyone who was in Hong Kong during SARS. At the first sight of the facemasks or of someone coughing it was on a plane and off they went! People really did leave in large numbers and the property market plummeted as a result. A year later the prices were back up and a lot of people made an absolute killing on property.
The advantage with Hong Kong is that it is a big, established city which has survived the Asian crash of the late 90's as well as many more before that. The feeling here is not if, but when, everything will return to normal. I don't think Dubai has established that base yet- especially in the financial markets.
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Old Nov 7th 2008, 8:04 am
  #49  
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Default Re: Exodus: Brits Leaving Dubai

Originally Posted by BurpusMe
This mass exodus talk sounds like a gross exaggeration. The sky isn't falling. Don't believe me? Go to Mall of the Emirates RIGHT NOW and try to get a parking space!!

It's undeniable that Dubai is feeling the effects of the global credit crisis.
However, I'm prepared to stay until I'm finished on my own terms! Anyone leaving the region right now is going to miss a huge opportunity. In the next year or two, we'll be seeing some fantastic distress sales. In a few years people will be moaning about "Why didn't I buy a house in Lakes in fall 2009?? It was so cheap then!!"

People are free to have their own opinion, and this is mine.
But I don't see how Dubai will ever recover from a crash of the sort I'm expecting.............

To attract the sort of people that go to the sort of attractions that are being constructed (eg the cowboy park, dinosaur park, etc, at Dubailand, assuming Dubailand itself is ever finished), prices (especially hotels) will have to be a lot lower than they currently are. The projected tourist numbers on whose future Dubai depends are hopelessly optimistic.

And the markets have noticed that the emperor has no clothes - look at how much Dubai Holding now has to pay to service its (huge) debts - or to put it the other way round - why do you think yields are so attractive for those brave souls willing to invest in their bonds? DH at the moment has only ONE principal source of income - Jumeirah hotel rooms.

Is anyone actually buying anything now? I hear all the arrogance of the developers (although they've gone quiet too) but is anything actually selling?
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Old Nov 7th 2008, 10:19 am
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Default Re: Exodus: Brits Leaving Dubai

Originally Posted by The Dean
But I don't see how Dubai will ever recover from a crash of the sort I'm expecting.............

To attract the sort of people that go to the sort of attractions that are being constructed (eg the cowboy park, dinosaur park, etc, at Dubailand, assuming Dubailand itself is ever finished), prices (especially hotels) will have to be a lot lower than they currently are. The projected tourist numbers on whose future Dubai depends are hopelessly optimistic.

And the markets have noticed that the emperor has no clothes - look at how much Dubai Holding now has to pay to service its (huge) debts - or to put it the other way round - why do you think yields are so attractive for those brave souls willing to invest in their bonds? DH at the moment has only ONE principal source of income - Jumeirah hotel rooms.

Is anyone actually buying anything now? I hear all the arrogance of the developers (although they've gone quiet too) but is anything actually selling?
WARNING --> ignorant questions ahead...

please forgive my ignorance, but from what you're saying, dubai has no other possible income streams? (in a state sense)?

i've only been to dubai once a couple of years ago and went for a quick drive through the dubai marina(? my geography is cr@p, down near the first palm, past medinah jumeriah) and was simply stunned by the construction. something around 14% of the worlds construction cranes where in dubai. so apart from construction (and money from the sales) is there anything else? (oh, sorry, and tourism)

has abu dhabi still got an oil income?
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Old Nov 7th 2008, 10:48 am
  #51  
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Default Re: Exodus: Brits Leaving Dubai

Dubai has incredibly high goals.
Only time will tell if they are unrealistic, but I must applaud their determination and accomplishments to-date.

Dubai Inc. may be saddled with debt. But they also have investments beyond the construction sector, and well outside the region. When those investments reach maturity, it'll be another story. UAE has enough energy money to keep the machine running until then! What role will AD play in the future, if not the silent benefactor of Dubai?

People aren't buying in Dubai this week.
They're also not buying in America or HK.
Have we hit the bottom yet? I don't believe so.
Will people ever buy again? Safe to assume yes?
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Old Nov 7th 2008, 12:47 pm
  #52  
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Default Re: Exodus: Brits Leaving Dubai

Originally Posted by BurpusMe
Dubai has incredibly high goals.
Only time will tell if they are unrealistic, but I must applaud their determination and accomplishments to-date.

Dubai Inc. may be saddled with debt. But they also have investments beyond the construction sector, and well outside the region. When those investments reach maturity, it'll be another story. UAE has enough energy money to keep the machine running until then! What role will AD play in the future, if not the silent benefactor of Dubai?

People aren't buying in Dubai this week.
They're also not buying in America or HK.
Have we hit the bottom yet? I don't believe so.
Will people ever buy again? Safe to assume yes?
Agreed!
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Old Nov 7th 2008, 8:38 pm
  #53  
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Default Re: Exodus: Brits Leaving Dubai

Broke the news to my landlord today that I will not be renewing my rental agreement.

While on the topic of extortionate rents and the Dubai housing bubble, he mentioned that he has been trying to sell the apartment next to mine for 2months now as he cannot seem to get tenants. He has reduced the price by 40% and still no takers. He also said he will need to put my apartment on the market once I am out as he does not expect anyone to rent it.

Logic would tell me that a reduction in rent would mean he would get tenants.

He also was moaning how the market has come a slowdown and 2 of his mates had to sell a number of properties on Palm Jumeirah and Marina at only 5% profit, while in recent years profits have been 100%.
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Old Nov 8th 2008, 5:07 am
  #54  
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Default Re: Exodus: Brits Leaving Dubai

Originally Posted by Duracell_Bunny
Broke the news to my landlord today that I will not be renewing my rental agreement.

While on the topic of extortionate rents and the Dubai housing bubble, he mentioned that he has been trying to sell the apartment next to mine for 2months now as he cannot seem to get tenants. He has reduced the price by 40% and still no takers. He also said he will need to put my apartment on the market once I am out as he does not expect anyone to rent it.

Logic would tell me that a reduction in rent would mean he would get tenants.

He also was moaning how the market has come a slowdown and 2 of his mates had to sell a number of properties on Palm Jumeirah and Marina at only 5% profit, while in recent years profits have been 100%.
where was your apartment? The Marina?
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Old Nov 8th 2008, 5:16 am
  #55  
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Default Re: Exodus: Brits Leaving Dubai

Originally Posted by Duracell_Bunny
Broke the news to my landlord today that I will not be renewing my rental agreement.

While on the topic of extortionate rents and the Dubai housing bubble, he mentioned that he has been trying to sell the apartment next to mine for 2months now as he cannot seem to get tenants. He has reduced the price by 40% and still no takers. He also said he will need to put my apartment on the market once I am out as he does not expect anyone to rent it.

Logic would tell me that a reduction in rent would mean he would get tenants.

He also was moaning how the market has come a slowdown and 2 of his mates had to sell a number of properties on Palm Jumeirah and Marina at only 5% profit, while in recent years profits have been 100%.
This part of the market cycle isn't unexpected at all - perhaps the only surprise is that it took so long to happen? We'll likely see property prices receding in the short-medium term, and continuing their incline thereafter, but at a more realistic rate that you'd see in any mature market; the kind of growth fueled by end-users, not speculators.

Anybody who finds this surprising is... a potato.
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Old Nov 8th 2008, 6:15 am
  #56  
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Default Re: Exodus: Brits Leaving Dubai

Originally Posted by Spugsy
why not just get a cheaper villa / apartment over here?
gotta agree with SPUGSY...just get cheaper rent.

lets see milton keynes or dubai....MK is the pits so is most of the UK. And as for NY....ma'an don't even get me started on the states....i wouldn't want to live there if my salary got quadrupled!
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Old Nov 8th 2008, 7:48 am
  #57  
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Default Re: Exodus: Brits Leaving Dubai

won't it be great.....if everyone DOES leave Dubai - it will return to the place it was 40 years ago...

can't wait..........Bring it on!!!
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Old Nov 8th 2008, 9:54 am
  #58  
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Default Re: Exodus: Brits Leaving Dubai

Originally Posted by Ditzy
won't it be great.....if everyone DOES leave Dubai - it will return to the place it was 40 years ago...

can't wait..........Bring it on!!!
why is that great?

sorry,i'm not meaning to start something, but that kind of comment really bugs me...
i don't understand why people go to a place, make money and take other opportunities from it, and then wish ill on it when they're done???

i just don't understand why someone would wish the demise of a place...especially one they've gone to, to benefit from....
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Old Nov 8th 2008, 11:08 am
  #59  
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Default Re: Exodus: Brits Leaving Dubai

Originally Posted by chocciecake
why is that great?

sorry,i'm not meaning to start something, but that kind of comment really bugs me...
i don't understand why people go to a place, make money and take other opportunities from it, and then wish ill on it when they're done???

i just don't understand why someone would wish the demise of a place...especially one they've gone to, to benefit from....
Totally agree with your point.

Some people would like to have at home what they have here... but it just not possible.
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Old Nov 8th 2008, 12:06 pm
  #60  
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Default Re: Exodus: Brits Leaving Dubai

I can only agree!!

This horrible attitude won't serve a person any better in the UK than it would in Dubai. How can people get through life being so negative?



Originally Posted by chocciecake
why is that great?

sorry,i'm not meaning to start something, but that kind of comment really bugs me...
i don't understand why people go to a place, make money and take other opportunities from it, and then wish ill on it when they're done???

i just don't understand why someone would wish the demise of a place...especially one they've gone to, to benefit from....
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