coffindodger

http://www.nytimes.com/2009/02/12/wo...ewanted=1&_r=1

Sofia, a 34-year-old Frenchwoman, moved here a year ago to take a job in advertising, so confident about Dubai’s fast-growing economy that she bought an apartment for almost $300,000 with a 15-year mortgage.
Now, like many of the foreign workers who make up 90 percent of the population here, she has been laid off and faces the prospect of being forced to leave this Persian Gulf city — or worse.

“I’m really scared of what could happen, because I bought property here,” said Sofia, who asked that her last name be withheld because she is still hunting for a new job. “If I can’t pay it off, I was told I could end up in debtors’ prison.”

With Dubai’s economy in free fall, newspapers have reported that more than 3,000 cars sit abandoned in the parking lot at the Dubai Airport, left by fleeing, debt-ridden foreigners (who could in fact be imprisoned if they failed to pay their bills). Some are said to have maxed-out credit cards inside and notes of apology taped to the windshield.

The government says the real number is much lower. But the stories contain at least a grain of truth: jobless people here lose their work visas and then must leave the country within a month. That in turn reduces spending, creates housing vacancies and lowers real estate prices, in a downward spiral that has left parts of Dubai — once hailed as the economic superpower of the Middle East — looking like a ghost town.

ETC ETC ETC !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Jammy_Dodgers

http://worldfocus.org/blog/2009/02/1...-spirals/4038/

commander

Yea, you know the place is in freefall when the relocation agencies who once helped move families into dubai are now trying to salvage a living by offering a relocation assistance OUT of dubai...

The Dean

I would like to relocate them out of Dubai............

IndieG

Is that the case now? How many really need their services to go back home which is where most are headed?

commander

Yea I saw an advert for one suchlike that offered advice on how to settle debt, shipping agents, blah blah.

Prob the same people who advised newbies to buy a porsche after 3 weeks in town

NorthernLad

Just spoke our our landlord, we signed a letter last year agreeing to move out March 2009 as his family were moving to Dubai

His latest is 'my family may not come any more, why don't you come up with a price for 2009 and we'll see what we can do'.

I'm going to enjoy this...especially considering how many people have left the Ranches (I was told a large Dutch firm laid off a shitload of people who had housing here).

commander

Power to the people NL. Offer him 85K.

NorthernLad

Aye, with 52 cheques.

IndieG

Knock off 40% from your current rent (if you are paying"market rates") and tell him you've got agents chasing you for properties just down the road at these prices. Tell him he has only 24 hrs to let you know as you have to decide quickly...

commander

Why 40pc??

Go for 50pc dare ya.

Sod the greedy twat. These landlords deserve all they get.

IndieG

Yeah, go for jugular then

NorthernLad

Intend to make him sweat a bit (he did exactly same with us in the past two years, resulted in visits to rent committee).

We'd actually decided on moving to Marina or The Palm so will go back with a low price and if he takes it all good and well. In his position (with 20+ properties in the Ranches) I'd be bricking it at the thought of losing a good tenant who pays on time, looks after the place and has a relatively secure job (in so far as you can at the moment).

B Bear

...Yep, the worm is turning. Friend moved into Mirador 5 bed in Aug 08 for 380k. New guys joined last week payintg 240 for same.

Oh, and by the way as you are about to sign the contract, tell the agent he can get his commission from the landlord... and then walk to the empty house next door if he hesitates ...

B Bear

Ooooh I have a star by my name - @do you want fries with that?@