Is the Dubai property market falling apart or finding a level?

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heat_wave

New Member
But there are a lot of people I know who have lived in the UAE there whole lives? This may not suit everybody but I think it is do-able.
Although what you are saying obviously is correct to an extent, as this is the reason so many properties now are for sale due to people leaving the country.
Still though the real estate market will continue people leave, people arrive.
The lowering of prices will in affect make Dubai a more popular place as people can afford more, (providing jobs grow - which they should given cheaper land).
 
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ghazwan

New Member
No Visa ... just wait for Oil price to drop to $25 a barrel then you will see their faces reaction.
 
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heat_wave

New Member
Why would oil fall further in price? Eventually oil will go back up its not something that can remain that low.
Although 'eventually' obviously may be a long way away.
 
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ghazwan

New Member
WHY should go up!!!!!!!!!!!!, Growth's around the world slashes this year and for the next 2-3 yeas by at least (5%-7% per annm),plus WORLD nead cheap Oil & Commodities to built up thier economy and Growth back again rather than prining moneis which is not on the G10 agenda i guess.

Who's benifit
All European States except Norway / USA & Canada / All Far East includ China / Japan / All African and poor countries except Algeria, Angola, Nigeria / All South American except Venz.

Who's not benifit
Russia / All Oil Arab counrties / Iran / above excpt

So who cares !!!
 
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haider_dubai

haider_dubai

New Member
Extra amount of cash is going to be printed all over the world; the value of the current money will be devaluated, and the prices if not up they will not go down. Very simple[/COLOR]



This is really a BIG JOKE...... for you its easy PRINT MONEY AND BECOME WEALTHY, hahahhaha:D:D:D
 
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PropGuy

New Member
Why would oil fall further in price? Eventually oil will go back up its not something that can remain that low.
Although 'eventually' obviously may be a long way away.
Oil can go down to $25, it was $23 in 2001/2002.

Historical oil prices: History and Analysis -Crude Oil Prices

The very long term view is much the same. Since 1869 US crude oil prices adjusted for inflation have averaged $21.05 per barrel in 2006 dollars compared to $21.66 for world oil prices.

Fifty percent of the time prices U.S. and world prices were below the median oil price of $16.71 per barrel.

If long term history is a guide, those in the upstream segment of the crude oil industry should structure their business to be able to operate with a profit, below $16.71 per barrel half of the time. The very long term data and the post World War II data suggest a "normal" price far below the current price.

The results are dramatically different if only post-1970 data are used. In that case U.S. crude oil prices average $29.06 per barrel and the more relevant world oil price averages $32.23 per barrel. The median oil price for that time period is $26.50 per barrel.
But with all the USD printing going on, imo, inflation will push oil price above $60 in 2 years.
 
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ghazwan

New Member
FYI

Oil Demands has be decresed since July 2008, was 86.6ml bl per day, while supply was 87.5ml bl /day.

By Aug 2009, World needs only 72.5ml bl per day.
Supply at the moment, 84.2ml bl /day (Opec = 34.5%)
 
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georgihh

New Member
Lets see ....
Dubai is over, the believe is gone and it is very difficult to recover.
Action is needed - is not happening – why?
The prices must go down 20% more to attract the investors again, why not?
 
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Wannaberich

New Member
Dubai is over, the believe is gone and it is very difficult to recover.
Action is needed - is not happening – why?
The prices must go down 20% more to attract the investors again, why not?
What do you mean Dubai is over?Thats a very sweeping statement.
Do you mean there aren't fortunes to be earned there in property?if so then I agree.Prices will fall until at least Cityscape then maybe prices will stabilise.
At best I can see a mini-boom sometime next year.More than likely though when the worlds economies recover I can see Dubais prices rising maybe 10/15% a year like many other places.If u can pick up a bargain today however,long term that will be a good investment.
We should stop looking at Dubai from just an investment point of view.We should look at it also from a point of view of what kind of city it will become.Will it be somewhere where many people will want to live?of course it will.Great weather,beaches,amazing shopping malls,great restaurants and bars,great metro,
plus its TAX FREE !
Slowly but surely Dubai will recover.The property market will recover but will never be the same.People will return to live there.More and more businesses will open
and tourist projects will be completed.Infrastructure will catch up and transport will be much better.It will all be at the right pace and not at the unsustainable pace of before.Dont expect too much overnight.It will take at least 5 years
for Dubai to recover and for the population to have risen significantly.
Rome wasnt built in a day and Dubai needs time to repair itself.It has its problems and always will have
just like any other city.
In 10 years it will be a completely different place and a place that will be envied across the world.
 
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georgihh

New Member
What do you mean Dubai is over?Thats a very sweeping statement.
Do you mean there aren't fortunes to be earned there in property?if so then I agree.Prices will fall until at least Cityscape then maybe prices will stabilise.
At best I can see a mini-boom sometime next year.More than likely though when the worlds economies recover I can see Dubais prices rising maybe 10/15% a year like many other places.If u can pick up a bargain today however,long term that will be a good investment.
We should stop looking at Dubai from just an investment point of view.We should look at it also from a point of view of what kind of city it will become.Will it be somewhere where many people will want to live?of course it will.Great weather,beaches,amazing shopping malls,great restaurants and bars,great metro,
plus its TAX FREE !
Slowly but surely Dubai will recover.The property market will recover but will never be the same.People will return to live there.More and more businesses will open
and tourist projects will be completed.Infrastructure will catch up and transport will be much better.It will all be at the right pace and not at the unsustainable pace of before.Dont expect too much overnight.It will take at least 5 years
for Dubai to recover and for the population to have risen significantly.
Rome wasnt built in a day and Dubai needs time to repair itself.It has its problems and always will have
just like any other city.
In 10 years it will be a completely different place and a place that will be envied across the world.
Dubai is Ok when you make money if you don’t, I don’t see the advantage of this place.
I am afraid to say Dubai is money and nothing else.
Where are the nice beaches in Dubai? I have been to too many places and I have seen wonderful beaches, 10 times better than the one you mentioned.
No taxes – I don’t think so. And you pay them in advance (visa, sponsors, licenses, services, schools, rent).
I am stacked with 2 properties in Dubai and I want this place to recover, but I don’t see how and when, we need changes, but nobody is willing to do anything they just wait. Why the charges are still so massive to settle a business in this place. Why they don’t start issuing visa for the property owners.
Who is going to invest in a sinking ship - come on let’s be realistic – never mind the “wonderful “pubs where you pay 10 $ for a pint of bear.
 
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Wannaberich

New Member
Dubai is Ok when you make money if you don’t, I don’t see the advantage of this place.
I am afraid to say Dubai is money and nothing else.
Where are the nice beaches in Dubai? I have been to too many places and I have seen wonderful beaches, 10 times better than the one you mentioned.
No taxes – I don’t think so. And you pay them in advance (visa, sponsors, licenses, services, schools, rent).
I am stacked with 2 properties in Dubai and I want this place to recover, but I don’t see how and when, we need changes, but nobody is willing to do anything they just wait. Why the charges are still so massive to settle a business in this place. Why they don’t start issuing visa for the property owners.
Who is going to invest in a sinking ship - come on let’s be realistic – never mind the “wonderful “pubs where you pay 10 $ for a pint of bear.
For some reason people expect perfection with Dubai.Like with any other city it has its problems and will always.
Move to London or New York or Rome and your'll find a different set of problems to deal with.
Only time will tell what happens there.In 12/24 months we will have a much better idea what the future holds for Dubai.
 
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heat_wave

New Member
For some reason people expect perfection with Dubai.Like with any other city it has its problems and will always.
Move to London or New York or Rome and your'll find a different set of problems to deal with.
Only time will tell what happens there.In 12/24 months we will have a much better idea what the future holds for Dubai.


Well said DoBuy!
 
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financier888

New Member
Dubai is Ok when you make money if you don’t, I don’t see the advantage of this place.
I am afraid to say Dubai is money and nothing else.
Where are the nice beaches in Dubai? I have been to too many places and I have seen wonderful beaches, 10 times better than the one you mentioned.
No taxes – I don’t think so. And you pay them in advance (visa, sponsors, licenses, services, schools, rent).
I am stacked with 2 properties in Dubai and I want this place to recover, but I don’t see how and when, we need changes, but nobody is willing to do anything they just wait. Why the charges are still so massive to settle a business in this place. Why they don’t start issuing visa for the property owners.
Who is going to invest in a sinking ship - come on let’s be realistic – never mind the “wonderful “pubs where you pay 10 $ for a pint of bear.
Although it's true that the $$ brings many people to Dubai - there are many buyers I met coming from the UK & Asia that wanted a safe and decent place to live and raise their family. Yes, they had businesses but it wasn't thier primary motivation to purchase as end users... I also agree that it's not the prime destination for a 'beach' resort as resorts go, but it is nice havng access to the water and beaches etc....

Over a decade ago, it was also expensive to set-up businesses in Singapore and to this day - you still need a local sposor / director (no FZE) - the price has dropped considerably - (under US $500) and takes 2-3 days but when you factor in the cost for the local sponsor - add another US$1,000 per year and another min $2,000 for your audited financials which are manatory plus corporate sect'y fees of US $400. per annum - overall about $3,500 per year although the cost of setting up is less than $500... In time, I am sure Dubai will streamline the process and the fee's will come down - but the 'tax-free' is still quite attractive... and should more than make-up for the cost of incorporation..

Once upon a time many thought Las Vegas would never take off - a resort in the dessert? or for that matter Phoenix - which in the last few years has had one of the fastest growing populations in the USA. Scotsdale AZ was rated as one the best communities in the USA - and of course, Phoenix is landlocked - no beaches...no ocean.... and 120F in the summer months (june - sept) but it thrives..

A time will come and the clouds will pass, Dubai will rebound. It will survive and learn through these growing pains and I am sure, you'll see the visa issue sorted to ensure a greater measure of security - they need the population to meet its expectations. I guess, it all depends on whether you view is for the long or short term?

I think it's an exciting city and more importantly - what dubai truly represents on the world stage.... the stakes are too high for Dubai not to succeed....
 
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stumbled

New Member
This is one excerpt taken from the independent.

There are three different Dubais, all swirling around each other. There are the expats, like Karen; there are the Emiratis, headed by Sheikh Mohammed; and then there is the foreign underclass who built the city, and are trapped here. They are hidden in plain view. You see them everywhere, in dirt-caked blue uniforms, being shouted at by their superiors, like a chain gang – but you are trained not to look. It is like a mantra: the Sheikh built the city. The Sheikh built the city. Workers? What workers?

Every evening, the hundreds of thousands of young men who build Dubai are bussed from their sites to a vast concrete wasteland an hour out of town, where they are quarantined away. Until a few years ago they were shuttled back and forth on cattle trucks, but the expats complained this was unsightly, so now they are shunted on small metal buses that function like greenhouses in the desert heat. They sweat like sponges being slowly wrung out.

Sonapur is a rubble-strewn patchwork of miles and miles of identical concrete buildings. Some 300,000 men live piled up here, in a place whose name in Hindi means "City of Gold". In the first camp I stop at – riven with the smell of sewage and sweat – the men huddle around, eager to tell someone, anyone, what is happening to them.

Sahinal Monir, a slim 24-year-old from the deltas of Bangladesh. "To get you here, they tell you Dubai is heaven. Then you get here and realise it is hell," he says. Four years ago, an employment agent arrived in Sahinal's village in Southern Bangladesh. He told the men of the village that there was a place where they could earn 40,000 takka a month (£400) just for working nine-to-five on construction projects. It was a place where they would be given great accommodation, great food, and treated well. All they had to do was pay an up-front fee of 220,000 takka (£2,300) for the work visa – a fee they'd pay off in the first six months, easy. So Sahinal sold his family land, and took out a loan from the local lender, to head to this paradise.

As soon as he arrived at Dubai airport, his passport was taken from him by his construction company. He has not seen it since. He was told brusquely that from now on he would be working 14-hour days in the desert heat – where western tourists are advised not to stay outside for even five minutes in summer, when it hits 55 degrees – for 500 dirhams a month (£90),less than a quarter of the wage he was promised. If you don't like it, the company told him, go home. "But how can I go home? You have my passport, and I have no money for the ticket," he said. "Well, then you'd better get to work," they replied.

Sahinal was in a panic. His family back home – his son, daughter, wife and parents – were waiting for money, excited that their boy had finally made it. But he was going to have to work for more than two years just to pay for the cost of getting here – and all to earn less than he did in Bangladesh.

He shows me his room. It is a tiny, poky, concrete cell with triple-decker bunk-beds, where he lives with 11 other men. All his belongings are piled onto his bunk: three shirts, a spare pair of trousers, and a cellphone. The room stinks, because the lavatories in the corner of the camp – holes in the ground – are backed up with excrement and clouds of black flies. There is no air conditioning or fans, so the heat is "unbearable. You cannot sleep. All you do is sweat and scratch all night." At the height of summer, people sleep on the floor, on the roof, anywhere where they can pray for a moment of breeze.

The water delivered to the camp in huge white containers isn't properly desalinated: it tastes of salt. "It makes us sick, but we have nothing else to drink," he says.

The work is "the worst in the world," he says. "You have to carry 50kg bricks and blocks of cement in the worst heat imaginable ... This heat – it is like nothing else. You sweat so much you can't pee, not for days or weeks. It's like all the liquid comes out through your skin and you stink. You become dizzy and sick but you aren't allowed to stop, except for an hour in the afternoon. You know if you drop anything or slip, you could die. If you take time off sick, your wages are docked, and you are trapped here even longer."

He is currently working on the 67th floor of a shiny new tower, where he builds upwards, into the sky, into the heat. He doesn't know its name. In his four years here, he has never seen the Dubai of tourist-fame, except as he constructs it floor-by-floor.

Is he angry? He is quiet for a long time. "Here, nobody shows their anger. You can't. You get put in jail for a long time, then deported." Last year, some workers went on strike after they were not given their wages for four months. The Dubai police surrounded their camps with razor-wire and water-cannons and blasted them out and back to work.

The "ringleaders" were imprisoned. I try a different question: does Sohinal regret coming? All the men look down, awkwardly. "How can we think about that? We are trapped. If we start to think about regrets..." He lets the sentence trail off. Eventually, another worker breaks the silence by adding: "I miss my country, my family and my land. We can grow food in Bangladesh. Here, nothing grows. Just oil and buildings."

Since the recession hit, they say, the electricity has been cut off in dozens of the camps, and the men have not been paid for months. Their companies have disappeared with their passports and their pay. "We have been robbed of everything. Even if somehow we get back to Bangladesh, the loan sharks will demand we repay our loans immediately, and when we can't, we'll be sent to prison."

This is all supposed to be illegal. Employers are meant to pay on time, never take your passport, give you breaks in the heat – but I met nobody who said it happens. Not one. These men are conned into coming and trapped into staying, with the complicity of the Dubai authorities.

Sahinal could well die out here. A British man who used to work on construction projects told me: "There's a huge number of suicides in the camps and on the construction sites, but they're not reported. They're described as 'accidents'." Even then, their families aren't free: they simply inherit the debts. A Human Rights Watch study found there is a "cover-up of the true extent" of deaths from heat exhaustion, overwork and suicide, but the Indian consulate registered 971 deaths of their nationals in 2005 alone. After this figure was leaked, the consulates were told to stop counting.

At night, in the dusk, I sit in the camp with Sohinal and his friends as they scrape together what they have left to buy a cheap bottle of spirits. They down it in one ferocious gulp. "It helps you to feel numb", Sohinal says through a stinging throat. In the distance, the glistening Dubai skyline he built stands, oblivious.

And there is plenty more of this, now we all were against apartheid in south Africa but this sort of racism and cruelty is acceptable? The rulers need to change their 2 tier or 3 tier system of discrimination for this place to thrive.
 
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heat_wave

New Member
All over the world there are terrible acts against humanity. Here in the UAE they are very close to home. Very close to those living in luxury. But as the famous Dubai saying goes 'what to do.'
Dubai is the symbol of capitalism. This is why the rich are able to experience luxury. But even in the UK or in USA or Canada you still know these things are happening, just then you have the benefit of knowing it is not on your doorstep.
 
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PropGuy

New Member
*Hey yeah you with the sad face

Come up to my place and live it up

Hey yeah you beside the dance floor

Whattya cry for let's live it up*
 
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georgihh

New Member
Cash is a king

Guys don’t change the subject. Cheap labour has always been in Dubai - nothing new.
The problem is the government is still charging enormous taxes and they do nothing to stop the collapse.
I have the feeling that they think people will stay in Dubai and keep on losing money just for fun.
I heard 40 billion $ are available immediately from AD if this is YES, than thinks might change.
There is no Money in Dubai and a huge injection is a must
We are all on the losing side - one way or other, so let’s something happen
 
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