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Pass the flannel...
In the Gulf news today, Sheik Mo, when commenting on the state of the worlds economy (sub prime espec.) said...
'It will affect many countries, but it will not affect us. We have made arrangements to enable our property market to avoid any such negative impacts' I am not as financially astute as some members here, but to my mind, this sounds like complete bollocks. As usual, Gulf News was very light on detail. What do you think? |
Re: Pass the flannel...
Originally Posted by NedKelly63
(Post 6149067)
In the Gulf news today, Sheik Mo, when commenting on the state of the worlds economy (sub prime espec.) said...
'It will affect many countries, but it will not affect us. We have made arrangements to enable our property market to avoid any such negative impacts' I am not as financially astute as some members here, but to my mind, this sounds like complete bollocks. As usual, Gulf News was very light on detail. What do you think? |
Re: Pass the flannel...
Originally Posted by lionheart
(Post 6149203)
In the event of a down turn in the housing market here, maybe the "arrangements" involve a certain organisation blowing up dozens of congested towers in order to stimulate demand by artificially reducing supply? Seems like a good idea for a movie plot.
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Re: Pass the flannel...
Originally Posted by lionheart
(Post 6149203)
In the event of a down turn in the housing market here, maybe the "arrangements" involve a certain organisation blowing up dozens of congested towers in order to stimulate demand by artificially reducing supply? Seems like a good idea for a movie plot.
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Re: Pass the flannel...
There isn't really a sub prime mortgage market in Dubai, the lending criteria are (for now anyway) too strict and most people buying property here have relatively well paying jobs. That might be what he means but other than that I don't know. The developers can certainly afford to have towers completed but standing empty if they need to control supply and demand.
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Re: Pass the flannel...
Originally Posted by Border Reiver
(Post 6152007)
There isn't really a sub prime mortgage market in Dubai, the lending criteria are (for now anyway) too strict and most people buying property here have relatively well paying jobs. That might be what he means but other than that I don't know. The developers can certainly afford to have towers completed but standing empty if they need to control supply and demand.
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Re: Pass the flannel...
Originally Posted by Border Reiver
(Post 6152007)
There isn't really a sub prime mortgage market in Dubai, the lending criteria are (for now anyway) too strict and most people buying property here have relatively well paying jobs. That might be what he means but other than that I don't know. The developers can certainly afford to have towers completed but standing empty if they need to control supply and demand.
I agree with you re. sub prime in Dubai, but the sub prime market in the US - sold on as Mortgage Based Securities - has wreaked havoc globally. I just wondered how Dubai was going to miss out on all the fun. Have their financial institutions specifically avoided such products? |
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