Re: The property apocalypse draws closer...
 

On a more local note.
There is a villa for sale down the road from me in the springs.
When my wife asked the price 2 wks ago she was told 3.2 million. When I asked this week I was told 2.6million. I'm going to see just how low i can get them down to for a laugh.

Crash what crash :rofl:

Re: The property apocalypse draws closer...
 

It's amazing how many empty villas there are just in Springs 15, but with no for sale/rent signs outside. I wonder if agents are encouraging people *not* to put up signs, in order to maintain the illusion of a healthy market?

On a related note, Suzanne was talking to someone who's just moved into JBR, and is "very glad she's only renting and didn't buy". Apart from the unreliable lifts (which, in fairness, *will* get sorted eventually), she says the fit and finish of the apartment is just terrible. Still, if JBR becomes the rental bargain it's shaping up to be, it might be worth a punt this time next year, as long as you don't have to pay through the nose to use the beach (which was the rumour I heard).

Re: The property apocalypse draws closer...
 

From the sounds of it JBR will become the Wind Tower Hamlets....

Re: The property apocalypse draws closer...
 

Points - until we are paying 70 % of net income then there is still capacity to increase mortgage payments.

The 80's created the initial phenomenon (in Aberdeen) where homeowners literally threw their keys through the banks doors and walked away. By the 90s - people were living with it.

As regards millions of people 'on the brink' - assume you mean the UK - that its a natural state - they have been doing that since the 15th century.

The UK is the worlds most succesful economy which Japan (with zero inflation) is sick jealous of (because we have controlled inflation), of which the Euros are pissed because we got it right in terms of currency and whom the Americans are not intelligent enough (context - economics) to work out how to manage balance of payments defecits like ours.

It is not a disaster there nor is the housing issue going to be in DXB for a long time.

Re: The property apocalypse draws closer...
 

Phhhfffttt :huh:

Re: The property apocalypse draws closer...
 

The last recession (and associated property crash) was in the early 90s. Those who could afford to live with negative equity did indeed live with it because they had little choice, but many millions of other people could not and did not. That is why the market crashed - millions of people either had their houses repossessed or sold them at rock-bottom prices.

Okay then, explain the state of the UK consumer credit market in the 15th century. I'm sure it'll be fascinating :rolleyes:

Up until quite recently, banks and building societies would *never* have lent potential borrowers as much as they now customarily do. People are now carrying far more debt than ever before and it's swallowing far more of their monthly income than ever before. There are literally millions of households in the UK that can only get by thanks to their already-overextended credit cards, for which they pay back just the minimum each month (because they can't afford any more). Why do you think adverts for credit consolidation loans are so prevalent on British TV now?

So that'll be why the Bank of England has admitted a fundamental mistake in keeping interest rates too low for too long, which fuelled the property and consumer credit booms and has led to the current situation, whereby the very small recent increases in mortgage rates have led to a disproportionate leap in repossessions and arrears?

Quote from former BoE Governor Eddie George : "We only had two alternative ways of sustaining demand and keeping the economy moving forward: One was public spending and the other was consumption.

"We knew that we were having to stimulate consumer spending; we knew we had pushed it up to levels which couldn't possibly be sustained into the medium and long term.

"That pushed up house prices, it increased household debt ... we knew that that was going to cause problems later on which are still with us."

Re: The property apocalypse draws closer...
 

http://gulfnews.com/business/Real_Es.../10151468.html

at least the gov't is now open about their desire to control the 'free real estate market'

Re: The property apocalypse draws closer...
 

Do all the 1 beds in JBR have connecting doors to the adjacent apartment, or just the ones we saw today? :ohmy:

I don't particularly want to hear what next door are watching on TV...

Re: The property apocalypse draws closer...
 

:eek: you're kidding right?

Re: The property apocalypse draws closer...
 

Interesting concept if true- I wonder how they sell that unique design feature?:rofl:

Re: The property apocalypse draws closer...
 

I wish I were!

The agent told me they'd be "sealed later", whatever that means - so that's alright then! :rofl:

We did just see a very nice 1 bed in a different tower though, so it isn't all bad!

Re: The property apocalypse draws closer...
 

Well I think a bit of control is long overdue. The rent committee have said they are making it up as they go along (sorry- "judging each case on its merits") and ignoring what is written on the tenancy agreement. At least with a proper legal framework everybody will know what the rules are before they hand over the rent cheques.

Re: The property apocalypse draws closer...
 

Well until they're sealed then.......mmmm........so how good are you @ picking locks:p just kidding........

Re: The property apocalypse draws closer...
 

I guess now you can say "somebody on British Expats who was just moved into JBR is very glad he bought and is not renting". Here is the view from my little place (4-bed, 2886 sqft) ;).

As for the one I bought in Sadaf 8 (4-bed, 2662 sqft) we rented it for K200. Bargain?

Re: The property apocalypse draws closer...
 

Lovely view:)