Go Back  British Expats > Living & Moving Abroad > Middle East
Reload this Page >

The unspeakable and unthinkable truth about Dubai......

The unspeakable and unthinkable truth about Dubai......

Old Aug 1st 2007, 8:59 pm
  #16  
Lost in BE Cyberspace
 
Confucius's Avatar
 
Joined: Dec 2006
Posts: 23,434
Confucius has a reputation beyond reputeConfucius has a reputation beyond reputeConfucius has a reputation beyond reputeConfucius has a reputation beyond reputeConfucius has a reputation beyond reputeConfucius has a reputation beyond reputeConfucius has a reputation beyond reputeConfucius has a reputation beyond reputeConfucius has a reputation beyond reputeConfucius has a reputation beyond reputeConfucius has a reputation beyond repute
Default Re: The unspeakable and unthinkable truth about Dubai......

Originally Posted by Modernian
Oh W10 - please don't send me back to the gutter - I've only just left there............

And SALIK has another issue attached to it - a socio-economic one (I can't believe I just used that word........ that's a first).

The well paid can afford the toll far more than the poor can - any tax that hits the poorest hardest is A BAD THING.

When the poor can't even afford to drive to work, the slippery slope awaits...
When the poor go out of Dubai for good,the price of your average shawarma will hit 15dhs a pop...
Confucius is offline  
Old Aug 1st 2007, 9:00 pm
  #17  
BE Forum Addict
 
jvr20's Avatar
 
Joined: Mar 2007
Location: stuck at red
Posts: 1,525
jvr20 has a reputation beyond reputejvr20 has a reputation beyond reputejvr20 has a reputation beyond reputejvr20 has a reputation beyond reputejvr20 has a reputation beyond reputejvr20 has a reputation beyond reputejvr20 has a reputation beyond reputejvr20 has a reputation beyond reputejvr20 has a reputation beyond reputejvr20 has a reputation beyond reputejvr20 has a reputation beyond repute
Default Re: The unspeakable and unthinkable truth about Dubai......

Originally Posted by Modernian

The well paid can afford the toll far more than the poor can - any tax that hits the poorest hardest is A BAD THING.
Hmm. that would be all taxes then (since we all know that progressive taxes are just a concept)
jvr20 is offline  
Old Aug 2nd 2007, 5:56 pm
  #18  
BE Forum Addict
 
IndieG's Avatar
 
Joined: Apr 2005
Location: Melbourne
Posts: 4,553
IndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond repute
Default Re: The unspeakable and unthinkable truth about Dubai......

Originally Posted by Modernian
........
The Dubai dream partly depends on the confidence that your 'investment' will continue to increase in value, whatever it might be. If that starts to wobble..........

Am I being alarmist?

If so, slap me down and I'll shut up - but I reckon the evidence is growing stronger day by day..........

Best wishes,

Mod.
No you're not being alarmist.

There is an aversion to risk - thanks to the subprime melt down in the US, and several big banks have been saddled with around $33 billion of unsold debt.

Not sure how this credit crunch will affect Dubai and its ability to raise capital/finance....In fact heard that AMLAK has also postponed its sukuk issue.


The fact is that some people did make money on the property market in Dubai and people have lost money too (of course this won't get reported - am talking of people who invested off-plan in Dubai Pearl, Dubai Lagoons, DAMAC properties...and several others who actually ran off with investors money).
IndieG is offline  
Old Aug 2nd 2007, 6:59 pm
  #19  
Soupy twist
 
Joined: Dec 2004
Posts: 2,271
Eeyore has a reputation beyond reputeEeyore has a reputation beyond reputeEeyore has a reputation beyond reputeEeyore has a reputation beyond reputeEeyore has a reputation beyond reputeEeyore has a reputation beyond reputeEeyore has a reputation beyond reputeEeyore has a reputation beyond reputeEeyore has a reputation beyond reputeEeyore has a reputation beyond reputeEeyore has a reputation beyond repute
Default Re: The unspeakable and unthinkable truth about Dubai......

Originally Posted by IndieGirl
people who invested off-plan in Dubai Pearl, Dubai Lagoons, DAMAC properties...
The Pearl is a pretty prominent failure, despite being unreported (how much longer can they leave that promotional billboard in front of the site on Al Sufouh Road?), but how have people lost money with Dubai Lagoons and DAMAC?
Eeyore is offline  
Old Aug 2nd 2007, 7:09 pm
  #20  
BE Enthusiast
 
Border Reiver's Avatar
 
Joined: Jan 2005
Location: Dubai
Posts: 888
Border Reiver has a reputation beyond reputeBorder Reiver has a reputation beyond reputeBorder Reiver has a reputation beyond reputeBorder Reiver has a reputation beyond reputeBorder Reiver has a reputation beyond reputeBorder Reiver has a reputation beyond reputeBorder Reiver has a reputation beyond reputeBorder Reiver has a reputation beyond reputeBorder Reiver has a reputation beyond reputeBorder Reiver has a reputation beyond reputeBorder Reiver has a reputation beyond repute
Default Re: The unspeakable and unthinkable truth about Dubai......

I know DAMAC can't deliver anything on time but people who bought from them a few years ago have definitely made money. And I haven't heard of any problems with Dubai Lagoons.
Border Reiver is offline  
Old Aug 2nd 2007, 7:12 pm
  #21  
BE Forum Addict
 
IndieG's Avatar
 
Joined: Apr 2005
Location: Melbourne
Posts: 4,553
IndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond repute
Default Re: The unspeakable and unthinkable truth about Dubai......

Originally Posted by Border Reiver
I know DAMAC can't deliver anything on time but people who bought from them a few years ago have definitely made money. And I haven't heard of any problems with Dubai Lagoons.
BR - I am talking of DUBAI LAGOONS not The Lagoons
IndieG is offline  
Old Aug 2nd 2007, 7:24 pm
  #22  
BE Forum Addict
 
IndieG's Avatar
 
Joined: Apr 2005
Location: Melbourne
Posts: 4,553
IndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond repute
Default Re: The unspeakable and unthinkable truth about Dubai......

Originally Posted by GarethR
The Pearl is a pretty prominent failure, despite being unreported (how much longer can they leave that promotional billboard in front of the site on Al Sufouh Road?), but how have people lost money with Dubai Lagoons and DAMAC?
Well investors are contemplating legal action since developers have taken upto 60% of the instalments and they haven't even started construction......

The problem is that prices of raw materials have shot up, labour shortages....

They've mismanaged and misused funds - the Escrow law should've been in place long back...
IndieG is offline  
Old Aug 2nd 2007, 7:40 pm
  #23  
Soupy twist
 
Joined: Dec 2004
Posts: 2,271
Eeyore has a reputation beyond reputeEeyore has a reputation beyond reputeEeyore has a reputation beyond reputeEeyore has a reputation beyond reputeEeyore has a reputation beyond reputeEeyore has a reputation beyond reputeEeyore has a reputation beyond reputeEeyore has a reputation beyond reputeEeyore has a reputation beyond reputeEeyore has a reputation beyond reputeEeyore has a reputation beyond repute
Default Re: The unspeakable and unthinkable truth about Dubai......

Originally Posted by IndieGirl
Well investors are contemplating legal action since developers have taken upto 60% of the instalments and they haven't even started construction......
Aha! So which one is Dubai Lagoons again... is it the one that was advertising every day for months in 7 Days, desperately trying to flog its inventory? And the CEO of which was also interviewed and opined that the property boom in Dubai would never end?
Eeyore is offline  
Old Aug 2nd 2007, 7:54 pm
  #24  
BE Forum Addict
 
IndieG's Avatar
 
Joined: Apr 2005
Location: Melbourne
Posts: 4,553
IndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond reputeIndieG has a reputation beyond repute
Default Re: The unspeakable and unthinkable truth about Dubai......

Originally Posted by GarethR
Aha! So which one is Dubai Lagoons again... is it the one that was advertising every day for months in 7 Days, desperately trying to flog its inventory? And the CEO of which was also interviewed and opined that the property boom in Dubai would never end?
It is promoted by a Pakistani - Schon Properties (German sounding name eh?)......
IndieG is offline  
Old Aug 2nd 2007, 8:22 pm
  #25  
 
Joined: May 2007
Posts: 4,990
beebee is an unknown quantity at this point
Default Re: The unspeakable and unthinkable truth about Dubai......

Originally Posted by GarethR
Aha! So which one is Dubai Lagoons again... is it the one that was advertising every day for months in 7 Days, desperately trying to flog its inventory? And the CEO of which was also interviewed and opined that the property boom in Dubai would never end?
The Lagoons are the islands along Al Khail (incorporating the wildlife sanctuary)
Dubai Lagoon is further along.. the Green community area.
beebee is offline  
Old Aug 2nd 2007, 11:48 pm
  #26  
Banned
 
Joined: Jul 2007
Posts: 202
twisty100 will become famous soon enough
Smile Re: The unspeakable and unthinkable truth about Dubai......

Originally Posted by beebee
The Lagoons are the islands along Al Khail (incorporating the wildlife sanctuary)
Dubai Lagoon is further along.. the Green community area.
I am arriving in Dubai in three weeks and have my rent paid for first year then after that I am on my own. This is not a great worry as I have other perks that make up for this.

However, I was going to invest at The Lagoons for my second year as I don't want to pay rent our of my own money. The LAgoons suits me as my office is in DAFZA, however, I am getting a bit jittery about putting any money into teh Dubai housing markey full stop. I am not on contract so i plan to be in Dubai for teh best part of five years (if not more), so hopefully I will ride out any corrections. However, as an earlier poster noted, the Hermes report predicts that it will take ten years for current supply to meet up with the demand.

What would memebers do in my situation?

Any thoughts are appreciated!

Matt
twisty100 is offline  
Old Aug 3rd 2007, 12:16 am
  #27  
 
Joined: May 2007
Posts: 4,990
beebee is an unknown quantity at this point
Default Re: The unspeakable and unthinkable truth about Dubai......

Originally Posted by twisty100
I am arriving in Dubai in three weeks and have my rent paid for first year then after that I am on my own. This is not a great worry as I have other perks that make up for this.

However, I was going to invest at The Lagoons for my second year as I don't want to pay rent our of my own money. The LAgoons suits me as my office is in DAFZA, however, I am getting a bit jittery about putting any money into teh Dubai housing markey full stop. I am not on contract so i plan to be in Dubai for teh best part of five years (if not more), so hopefully I will ride out any corrections. However, as an earlier poster noted, the Hermes report predicts that it will take ten years for current supply to meet up with the demand.

What would memebers do in my situation?

Any thoughts are appreciated!

Matt
Hi Matt, come over.. look at the market, do your homework, and then decide.
beebee is offline  
Old Aug 3rd 2007, 12:33 am
  #28  
Banned
 
Joined: Jul 2007
Posts: 202
twisty100 will become famous soon enough
Default Re: The unspeakable and unthinkable truth about Dubai......

Originally Posted by beebee
Hi Matt, come over.. look at the market, do your homework, and then decide.
Yes, will do. Just was interested in others opnion...
twisty100 is offline  
Old Aug 3rd 2007, 12:44 am
  #29  
Lost in BE Cyberspace
 
Confucius's Avatar
 
Joined: Dec 2006
Posts: 23,434
Confucius has a reputation beyond reputeConfucius has a reputation beyond reputeConfucius has a reputation beyond reputeConfucius has a reputation beyond reputeConfucius has a reputation beyond reputeConfucius has a reputation beyond reputeConfucius has a reputation beyond reputeConfucius has a reputation beyond reputeConfucius has a reputation beyond reputeConfucius has a reputation beyond reputeConfucius has a reputation beyond repute
Default Re: The unspeakable and unthinkable truth about Dubai......

Originally Posted by beebee
Hi Matt, come over.. look at the market, do your homework, and then decide.
Potential customer #2564...
Confucius is offline  
Old Aug 3rd 2007, 12:47 am
  #30  
 
Joined: May 2007
Posts: 4,990
beebee is an unknown quantity at this point
Default Re: The unspeakable and unthinkable truth about Dubai......

Originally Posted by Confucius
Potential customer #2564...
I go for the big spenders Conf!
beebee is offline  

Contact Us - Manage Preferences - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Your Privacy Choices -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.