Dubai Bubble Bursts

[monsi]

My predictions...


Imagine 10 years down the line.
A finished metro system (True but very few takers due to the crotching heat and lack of "reliable public transport" leading to the metro.
The two tallest buidlings in the world,Burj Dubai plus Nakheel Tower (Nakheel Tower will be cancelled)
Another 7/8 'Supertowers' (All Meraas "supertowers" shall be cancelled, Meraas will most probably never finish any project. Poor planing! Bad timing! Wrong attitude!
Two fantastic airports.Possibly the biggest airline company in the world,Emirates (Emirates will declare banktrupcy in the next 3 yrs)
The two biggest malls in the world.Dubai Mall and COA Mall.MOE with the ski slope (Two biggest malls and no shoppers.. have you been to Dubai Mall lately? The traffic inside the mall is hopelessly low now even during the Eid season! COA will obviously be cancelled.)
3 finished and inhabited palm islands.The magnificent Palm Jumeriah with Atlantis,QE2,Trump hotel (There will be no Palm Jebel Ali and absolutely NO PALM DEIRA)
Dubailand with a number of operating theme parks and attractions (Most of the parks are already cancelled Legoland, freej etc)
Al Bawadi well underway (Really? I wanna some pictures )
A thriving Business Bay (Business Bay prices collapsed long before the UAE market crashed)
Arabian Canal completed and with many buildings under way/finished (Arabian Canal project will be cancelled by 2009)
Waterfront well under way and including theme parks etc (The waterfront will be just 1/20th of the size originally planned)
Countless fantastic and opulent hotels,clubs,bars,cafes,restaurants.The
fantastic promenade of shops,bars at JBR (No takers)
Dubai Marina. (Deserted... so many buildings with such low occupancy..wont work forever)
Beaches and sun (Sand and heat)


God,who won't want to live here ! (Who=All of us in 5 yrs)

Is your life as dark as your writing or do you simply enjoy spreading misery.

Life is about balancing risk and caution.

Unless you are actively trying to get people to cut and run because you want to buy cheap property, why write this?

 

[albog]

My predictions...


Imagine 10 years down the line.
A finished metro system (True but very few takers due to the crotching heat and lack of "reliable public transport" leading to the metro.
The two tallest buidlings in the world,Burj Dubai plus Nakheel Tower (Nakheel Tower will be cancelled)
Another 7/8 'Supertowers' (All Meraas "supertowers" shall be cancelled, Meraas will most probably never finish any project. Poor planing! Bad timing! Wrong attitude!
Two fantastic airports.Possibly the biggest airline company in the world,Emirates (Emirates will declare banktrupcy in the next 3 yrs)
The two biggest malls in the world.Dubai Mall and COA Mall.MOE with the ski slope (Two biggest malls and no shoppers.. have you been to Dubai Mall lately? The traffic inside the mall is hopelessly low now even during the Eid season! COA will obviously be cancelled.)
3 finished and inhabited palm islands.The magnificent Palm Jumeriah with Atlantis,QE2,Trump hotel (There will be no Palm Jebel Ali and absolutely NO PALM DEIRA)
Dubailand with a number of operating theme parks and attractions (Most of the parks are already cancelled Legoland, freej etc)
Al Bawadi well underway (Really? I wanna some pictures )
A thriving Business Bay (Business Bay prices collapsed long before the UAE market crashed)
Arabian Canal completed and with many buildings under way/finished (Arabian Canal project will be cancelled by 2009)
Waterfront well under way and including theme parks etc (The waterfront will be just 1/20th of the size originally planned)
Countless fantastic and opulent hotels,clubs,bars,cafes,restaurants.The
fantastic promenade of shops,bars at JBR (No takers)
Dubai Marina. (Deserted... so many buildings with such low occupancy..wont work forever)
Beaches and sun (Sand and heat)


God,who won't want to live here ! (Who=All of us in 5 yrs)

I agree with much of what you say but holy crap, has a developer run away with your money or something? Sounds like you have a serious axe to grind.

By the way 1/20th of the waterfront is still a lot, do you know how big it is? I don't think even 1/100th will get built.
The marina will do well I think though, including JBR which is part of the marina.

 

[sasherwani2]

lol.. wait n watch..

 

[Wannaberich]

My predictions...


Imagine 10 years down the line.
A finished metro system (True but very few takers due to the crotching heat and lack of "reliable public transport" leading to the metro.
The two tallest buidlings in the world,Burj Dubai plus Nakheel Tower (Nakheel Tower will be cancelled)
Another 7/8 'Supertowers' (All Meraas "supertowers" shall be cancelled, Meraas will most probably never finish any project. Poor planing! Bad timing! Wrong attitude!
Two fantastic airports.Possibly the biggest airline company in the world,Emirates (Emirates will declare banktrupcy in the next 3 yrs)
The two biggest malls in the world.Dubai Mall and COA Mall.MOE with the ski slope (Two biggest malls and no shoppers.. have you been to Dubai Mall lately? The traffic inside the mall is hopelessly low now even during the Eid season! COA will obviously be cancelled.)
3 finished and inhabited palm islands.The magnificent Palm Jumeriah with Atlantis,QE2,Trump hotel (There will be no Palm Jebel Ali and absolutely NO PALM DEIRA)
Dubailand with a number of operating theme parks and attractions (Most of the parks are already cancelled Legoland, freej etc)
Al Bawadi well underway (Really? I wanna some pictures )
A thriving Business Bay (Business Bay prices collapsed long before the UAE market crashed)
Arabian Canal completed and with many buildings under way/finished (Arabian Canal project will be cancelled by 2009)
Waterfront well under way and including theme parks etc (The waterfront will be just 1/20th of the size originally planned)
Countless fantastic and opulent hotels,clubs,bars,cafes,restaurants.The
fantastic promenade of shops,bars at JBR (No takers)
Dubai Marina. (Deserted... so many buildings with such low occupancy..wont work forever)
Beaches and sun (Sand and heat)


God,who won't want to live here ! (Who=All of us in 5 yrs)

Ever thought of working as a reporter?Seeing as you print a load of crap you'd be ideal.

 

[TommyC]

Ever thought of working as a reporter?Seeing as you print a load of crap you'd be ideal.

Well, I'm pretty sure no one here is working as a professional analyst with some backed up info rather than the vision that has been thrown in our face for some time now. So, let's hear the facts instead of accusing people left and right when their idea of what could possible happen doesn't go along with yours.

"This is not the end, but the beginning and we do not know when it will end," said property analyst Sudhir Kumar, managing director of Realtors' International.

Said today in light of the job cuts in the real estate market, it's a FACT.

 

[Wannaberich]

Well, I'm pretty sure no one here is working as a professional analyst with some backed up info rather than the vision that has been thrown in our face for some time now. So, let's hear the facts instead of accusing people left and right when their idea of what could possible happen doesn't go along with yours.
.

Try asking the other guy to back up the tripe he's coming out with first.Then I'll reply.
At least when I've posted pro-Dubai comments on here I've backed them up with facts.

 

[TommyC]

Try asking the other guy to back up the tripe he's coming out with first.Then I'll reply.
At least when I've posted pro-Dubai comments on here I've backed them up with facts.

DoBuy, please realise that the facts you posted, which his post was a reply to with his adjustments, wasn't based on facts but was rather the vision of Dubai. Is that vision realistic? If so, why? If not, was it ever realistic?

Is pro-Dubai comments more valid than other comments, what is true? Who is to be attacked? Should anyone be attacked at all? Do we know if someone has their own hidden agenda? In my opinion it would be unfair to people visiting this forum, to get an idea what is happening in Dubai, to retell the sales-talk of Dubai without questioning its validity, which there currently are several reasons to question it. The primary one being that what has been told by local media/leaders up until now haven't gone along the actual events that have happened. Primarly the fact they have insisted that everything is fine until they hit the wall, which is now. Sure, other places are worse off, but at least they are not insisting everything is fine and will never be anything but fine, which in turn gives those places more credibility in their views of what is happening and what will happen.

 

[Wannaberich]

My predictions...


Imagine 10 years down the line.
A finished metro system (True but very few takers due to the crotching heat and lack of "reliable public transport" leading to the metro.
The two tallest buidlings in the world,Burj Dubai plus Nakheel Tower (Nakheel Tower will be cancelled)
Another 7/8 'Supertowers' (All Meraas "supertowers" shall be cancelled, Meraas will most probably never finish any project. Poor planing! Bad timing! Wrong attitude!
Two fantastic airports.Possibly the biggest airline company in the world,Emirates (Emirates will declare banktrupcy in the next 3 yrs)
The two biggest malls in the world.Dubai Mall and COA Mall.MOE with the ski slope (Two biggest malls and no shoppers.. have you been to Dubai Mall lately? The traffic inside the mall is hopelessly low now even during the Eid season! COA will obviously be cancelled.)
3 finished and inhabited palm islands.The magnificent Palm Jumeriah with Atlantis,QE2,Trump hotel (There will be no Palm Jebel Ali and absolutely NO PALM DEIRA)
Dubailand with a number of operating theme parks and attractions (Most of the parks are already cancelled Legoland, freej etc)
Al Bawadi well underway (Really? I wanna some pictures )
A thriving Business Bay (Business Bay prices collapsed long before the UAE market crashed)
Arabian Canal completed and with many buildings under way/finished (Arabian Canal project will be cancelled by 2009)
Waterfront well under way and including theme parks etc (The waterfront will be just 1/20th of the size originally planned)
Countless fantastic and opulent hotels,clubs,bars,cafes,restaurants.The
fantastic promenade of shops,bars at JBR (No takers)
Dubai Marina. (Deserted... so many buildings with such low occupancy..wont work forever)
Beaches and sun (Sand and heat)


God,who won't want to live here ! (Who=All of us in 5 yrs)

1/Metro is well under way with red line open sept 2009.
Plenty of parking at stations.
2/Nakheel tower has already started.Burj is almost completed.Burj Al Alam and Princess Tower started also.
3/Emirates will never go bankrupt.At worse they will be brought out by Abu Dhabi.
4/Dubai Mall has only just opened.When its up and running with ALL the shops open it will be a huge success.O and this project isnt just a pipedream it actually got built.As for COA mall,It wouldnt surprise me if it got cancelled as I dont think Dubai needs it.It still has MOE,Festival city mall and IBN mall.All fantastic malls.
4/Palm Jebel Ali and Diera are well underway.
5/Most of Dubailand projects are not cancelled.Already some theme parks are underway.
6/Al Bawadi like other projects in Dubai has been delayed but will get built.
How ignorant to think with the global economic crisis,all of Dubais projects will be on schedule.Of course they wont.Some will get delayed and some cancelled.
Dont be a moron.
7/Arabian Canal has been started and contracts handed out.It will not be cancelled.Its a long term project.By the time plots get released the economic crisis will be over.
8/JBT walk is always packed.
9/Some of Dubai marina towers have low occupancy as many are holiday homes.
Also,some are left empty as owners are waiting for the right time to sell.
They dont want to commit to tenants.
Again,the Marina isnt just a dream,its a reality.
10/Beaches and sun.Only a moron like you could be negative on this point.

So come back with some real facts now and not your usual bitter load of bollocks.
Lets see you support your comments with something real.

 

[albog]

1/What he was saying is there aren't many connections to the metro so not many people will use it. If you have to drive to a station then might as well drive all the way.
2/I'll eat my hat if nakheel tower gets above ground. They just put the trump tower on hold and they want to build a building that's 10 times as big and probably even more times as expensive?
3/I think an Emirates Etihad merger would be a good thing.
4/COA mall I think will never be built along with all of COA and pretty much all of Dubailand too.
4/Palm Jebel Ali and Diera are well underway but there hasn't been any development on them yet.

 

[Wannaberich]

1/What he was saying is there aren't many connections to the metro so not many people will use it. If you have to drive to a station then might as well drive all the way.
2/I'll eat my hat if nakheel tower gets above ground. They just put the trump tower on hold and they want to build a building that's 10 times as big and probably even more times as expensive?
3/I think an Emirates Etihad merger would be a good thing.
4/COA mall I think will never be built along with all of COA and pretty much all of Dubailand too.
4/Palm Jebel Ali and Diera are well underway but there hasn't been any development on them yet.

Believe me the metro will get used a hell of alot.Better that than to be stuck in traffic.There will be many buses provided for transport to the metro also.
Nakheel Tower has already started and nothing has been said about delay.
Dubailand will get built but it will now take longer.
Off course Palm Jebel Ali and Diera havent any developments,they are still doing reclamation works on them for gods sake.Diera is only 20% done!

Just to remind everyone,the reason Dubai is now suffering is due to the worldwide economic crisis.Its not because they screwed up themselves.
I get the impression some morons think Dubai should not be affected by whats going on elsewhere like its supposed to be immune.
Of course its going to suffer.Of course there will be price corrections,staff layoffs,project delays and cancellations.What the hell do you expect.
Then when the worlds economies pick up,again Dubai will be affected for the good.
Things will pick up and everything will be back to normal.
In the meantime this 'break'will do it good.Dubai can catch up with the infrastructure projects.DEWA can catch up also.We wont see all these thousands of crazy launches.Buildings which have no place in Dubai and are just to make developers rich will not go ahead.Dubai will use this period to re-think things,take a breather,then re-commence with a more considerate approach.
Believe me its all good.

 

[georgihh]

Believe me the metro will get used a hell of alot.Better that than to be stuck in traffic.There will be many buses provided for transport to the metro also.
Nakheel Tower has already started and nothing has been said about delay.
Dubailand will get built but it will now take longer.
Off course Palm Jebel Ali and Diera havent any developments,they are still doing reclamation works on them for gods sake.Diera is only 20% done!

Just to remind everyone,the reason Dubai is now suffering is due to the worldwide economic crisis.Its not because they screwed up themselves.
I get the impression some morons think Dubai should not be affected by whats going on elsewhere like its supposed to be immune.
Of course its going to suffer.Of course there will be price corrections,staff layoffs,project delays and cancellations.What the hell do you expect.
Then when the worlds economies pick up,again Dubai will be affected for the good.
Things will pick up and everything will be back to normal.
In the meantime this 'break'will do it good.Dubai can catch up with the infrastructure projects.DEWA can catch up also.We wont see all these thousands of crazy launches.Buildings which have no place in Dubai and are just to make developers rich will not go ahead.Dubai will use this period to re-think things,take a breather,then re-commence with a more considerate approach.
Believe me its all good.

Pretty much is going to be like you said, but this doesn’t help me.
Dubai is a place to make money and if you wait 10 years what is the point?
That’s why the people are buying $ at the moment because they know they will get more security and more return in America.
Dubai suffers because all of the real businessmen’s already took the money out of Dubai.
Abu Dhabi will invest but for a huge profit and will be even worst.
Money will come but how much and when is only for us to discuss in this forum.

 

[TommyC]

Read this, definately in touch with reality...or? : http://www.business24-7.ae/Articles/2008/11/Pages/11252008_122f8973e3a6463bba19fdc9f2a79edc.aspx

How do you see the international financial situation having an impact on the real estate market in Dubai?

It has not affected our business or operations. The global financial crisis has not affected the Dubai market at all. Borrowing, as a percentage, was much less compared to the global market. The majority of investors who purchase property here use in-house financing facility, which is interest free and available from the developer itself. There has not been a high level of borrowing from financial institutions.

All this while inside sources says: "It's bad, really really bad now"

Another article: Has the bubble burst?

As the sheen comes off glitzy Dubai, the other Gulf states are getting nervous too

While the stunning opacity of government economic data is increasing the air of uncertainty, Muhammad Alabbar,
who heads Emaar, a giant state-controlled property developer, took the rare step of telling people how indebted the
country is. Together, the government and state-owned enterprises owe $80 billion--148% of GDP. Dubai still has a far larger stock of assets, at least some of which are likely to be sold, to cover the debts, to Abu Dhabi or the federal sovereign-wealth fund of the seven-state United Arab Emirates, of which Dubai and Abu Dhabi are the two richest.

 

[sasherwani2]

1/Metro is well under way with red line open sept 2009.
Plenty of parking at stations.
2/Nakheel tower has already started.Burj is almost completed.Burj Al Alam and Princess Tower started also.
3/Emirates will never go bankrupt.At worse they will be brought out by Abu Dhabi.
4/Dubai Mall has only just opened.When its up and running with ALL the shops open it will be a huge success.O and this project isnt just a pipedream it actually got built.As for COA mall,It wouldnt surprise me if it got cancelled as I dont think Dubai needs it.It still has MOE,Festival city mall and IBN mall.All fantastic malls.
4/Palm Jebel Ali and Diera are well underway.
5/Most of Dubailand projects are not cancelled.Already some theme parks are underway.
6/Al Bawadi like other projects in Dubai has been delayed but will get built.
How ignorant to think with the global economic crisis,all of Dubais projects will be on schedule.Of course they wont.Some will get delayed and some cancelled.
Dont be a moron.
7/Arabian Canal has been started and contracts handed out.It will not be cancelled.Its a long term project.By the time plots get released the economic crisis will be over.
8/JBT walk is always packed.
9/Some of Dubai marina towers have low occupancy as many are holiday homes.
Also,some are left empty as owners are waiting for the right time to sell.
They dont want to commit to tenants.
Again,the Marina isnt just a dream,its a reality.
10/Beaches and sun.Only a moron like you could be negative on this point.

So come back with some real facts now and not your usual bitter load of bollocks.
Lets see you support your comments with something real.

I never said Im backing up my claims using "facts". I clearly said these were my predictions. Some of the predictions were backed by instincts and some using my sources.

1/Metro is well under way with red line open sept 2009.
Plenty of parking at stations. (Metro will be a flop. Dubai is full of towers with absolutely no road infrastructure. It will be impossible for Dubai to arrange sufficient transport leading to the Metro. Even if it is at a 15 min walking distance, I doubt many would walk to it in 50 degrees harsh humid heat)
2/Nakheel tower has already started.Burj is almost completed.Burj Al Alam and Princess Tower started also. (I never said anything abt Burj Al Alam , Burj Arab etc btw Burj Dubai prices are down more than 50% http://www.thenational.ae/article/20081111/BUSINESS/831532776/0/FRONTPAGE if you have any interested buyers let me know. Nakheel tower IS cancelled but it hasnt been announced. That would seriously put Nakheel in further jeopardy if they had announced it. All ppl related to Nakheel Tower were layed off yesterday).
3/Emirates will never go bankrupt.At worse they will be brought out by Abu Dhabi. (Same thing, most companies abt to get bankrupt get taken over by a financially stronger firm)
4/Dubai Mall has only just opened.When its up and running with ALL the shops open it will be a huge success.O and this project isnt just a pipedream it actually got built.As for COA mall,It wouldnt surprise me if it got cancelled as I dont think Dubai needs it.It still has MOE,Festival city mall and IBN mall.All fantastic malls. (Same s** , CoA will be cancelled as I predicted and Dubai Mall will be a good place to jog to escape the humid and harsh weather outside)
4/Palm Jebel Ali and Diera are well underway (Really? Some snapshots will help? Palm Deira was never feasible. Palm Jebel Ali became a problem in the last 3 weeks when Nakheel realized it has no cash. There's a reaSON they fired 500+ ppl yesterday)
5/Most of Dubailand projects are not cancelled.Already some theme parks are underway (Yeah those "some" theme parks might get finished by 2020 but the "rest" of them will be cancelled.. whats the use of a theme park thats closed 8 months a yr??)
6/Al Bawadi like other projects in Dubai has been delayed but will get built.
How ignorant to think with the global economic crisis,all of Dubais projects will be on schedule.Of course they wont.Some will get delayed and some cancelled.
Dont be a moron.(The moron predicts Bawadi projects with %age completion over 40% will get completed and the rest will never see completion. Bawadi will be a royal flop)
7/Arabian Canal has been started and contracts handed out.It will not be cancelled.Its a long term project.By the time plots get released the economic crisis will be over.(Arabian canal was never feasible; Dubai doesnt have the cash to build even 1% of the canal. Its cancellation news will come next yr as per my "prediction")
8/JBR walk is always packed. (This is one project Dubai should be proud of. Keeping Nakheel and Emaar away from this project really helped)
9/Some of Dubai marina towers have low occupancy as many are holiday homes.
Also,some are left empty as owners are waiting for the right time to sell.
They dont want to commit to tenants. (cough cough black money .. no need to rent out .. just make black money white again ... cough cough..)
10/Beaches and sun.Only a moron like you could be negative on this point. (Yeah I find it hard to enjoy the sun at 50 degrees)

 

[DelboyG]

Busted!!

I'm not trying to be a gloom & doom merchant but as a 10 year resident in Dubai some investors have missed the obvious differences in this city that make a total failure of the market the surest bet ever.

Dubai is compared to London, New York and other major cities around the world, but there are major differences here that make the current property values impossible.

1) 80% of the population are 'Guest worker', on a 3 year contract, what incentive is there for buying a property if you can be thrown out of the country on 1 months notice?

2) At a guess, 70% of the expected population growth will come in on a salary of AED.5000 per month or less. How are they ever going to afford these prices as end users to live here. (either to buy or rent)

3) At age 60, even if you have a stable job you are out of here, or face hefty fees & having your residency reviewed every year.

4) The 20% local population have zero need for these properties as they are given FOC land to be able to build their own villas. Those that cannot afford to build also won't be able to afford the property for sale at these prices and will continue to live in the family villa - a very normal situation for locals.

5) We have a government & heads of government department that wake up any morning and change the rules of the game - as you now may have noticed. The only thing that you can be sure of is that the rule change will benefit the 'locals'.

6) Most of these buildings will have a lifespan of 25-30 years in the desert conditions, so much for a 99 year lease.

7) Old Dubai built it's prosperity on trading, that required to keep the costs at a minimum to stay competitive, hence the preference for Asian worker, now with the crazy rents & inflation the costs to business are becoming too high to be sustained, business is down in every sector (expect a lot more lay-offs),companies like Cisco are looking to other places in the Gulf for their new ventures and New Dubai is built in the back of the same bubble that has now burst.

8) Virtually all the property that has been built is supposedly 'high end' and high priced (for the residents of Dubai). But as the rents have risen I've seen a rise in people sharing accommodation, it's now common for 4 people to be sharing a single room and that applies to 50% of the population.

People seem to think that Dubai is made up of contract construction workers or the high flying rich western expats & locals, but between those 2 extremes there is the 'middle class' that should be snapping up the available property (they don't want to pay rent or to share),they either can't afford to or won't due to the visa restriction.

Believe me, unless you can get the government to change the residency rules, there will never be the flow of 1st time buyers to sustain even the the currently available property, and as is tradition in Dubai trading the real estate market will return to the fundamentals of cutting costs to remain competitive! That means not just staff / salaries but the actual cost of the produce (in this case property),until they reach the levels where the resident population can take up the slack.

Expect and plan for a 50% price fall before the summer, and don't expect the rental market to help much since by then the rents will be coming down too, the agents will try to hold them up so they can get their commission, but they won't hold out for long.
Those of you who can sustain this loss are lucky, those of you who cannot should be looking to your exit plan.
Those of you with un-started off plan, should consider yourselves official investors in 'Dubai Inc.' forget the money and move on.

Understand that this is not about the banks, they are just reacting to the fundamentals and waiting to find the true value of what they are mortgaging.

These are my predictions for 2009, and the prices will not come back to where they are now, after all since this property boom started rents and property have risen by 800% or more, while the average salaries have risen approx 30%, where are the end users going to come from to live in these available properties?
Couple that with the fact that, even after spending these sums on a property, that you cannot make the country your home or retire here! Look at it from an end user point of view and you should be able to see where this is heading.

Good luck out there.

 

[Wannaberich]

I never said Im backing up my claims using "facts". I clearly said these were my predictions. Some of the predictions were backed by instincts and some using my sources.
)

In other words your just full of bull****.You have no facts to back your pathetic predictions and are obviously just a bitter moron who can't stand the idea of Dubai being a success.
When you have some real facts and evidence come back to me.Until then
take your pathetic negative self to a dark corner and stay there.

 

[sasherwani2]

In other words your just full of bull****.You have no facts to back your pathetic predictions and are obviously just a bitter moron who can't stand the idea of Dubai being a success.
When you have some real facts and evidence come back to me.Until then
take your pathetic negative self to a dark corner and stay there.

Someone's really really upset and its not me


Dubai a success.. doesnt it sound like an ancient tale already?


All my "predictions" are based on solid grounds. I wouldnt call them facts "yet" but my predictions are turning into bitter facts every day. More layoffs today as Morgan Stanley is planning slow phasing out of Dubai (Todays GulfNews),Nakheel announced the so-called delays on all their flagship projects (Business27/7, Gulfnews, ArabianBusiness) and Meraas placed a hold on "ALL"their projects (Gulfnews). Remember I said yesterday that none of Meraas's projects will even see a groundbreaking

Dubai screwed up by catering solely to 1) Speculators 2) high-end-users and both of them are going to disappear as the offplan is dead and the end-users are slowly running out of employments. I always said that Dubai can never be Singapore or Malaysia (Forget London and NY, that was never possible anyway) because this market never catered to the middle class and ONLY a strong middle class can make a stronger economy with a sustained growth...and thats a FACT

 

[Wannaberich]

Someone's really really upset and its not me


Dubai a success.. doesnt it sound like an ancient tale already?


All my "predictions" are based on solid grounds. I wouldnt call them facts "yet" but my predictions are turning into bitter facts every day. More layoffs today as Morgan Stanley is planning slow phasing out of Dubai (Todays GulfNews),Nakheel announced the so-called delays on all their flagship projects (Business27/7, Gulfnews, ArabianBusiness) and Meraas placed a hold on "ALL"their projects (Gulfnews). Remember I said yesterday that none of Meraas's projects will even see a groundbreaking

Dubai screwed up by catering solely to 1) Speculators 2) high-end-users and both of them are going to disappear as the offplan is dead and the end-users are slowly running out of employments. I always said that Dubai can never be Singapore or Malaysia (Forget London and NY, that was never possible anyway) because this market never catered to the middle class and ONLY a strong middle class can make a stronger economy with a sustained growth...and thats a FACT

You really havent got a clue its truly amazing.
U truly expect Dubai not to be affected by the global economic crisis.Of course projects will be delayed/cancelled,of course prices will fall.And?whats your point?
did u really expect everything to carry on as normal?are u that ignorant?
So far I only see some projects delayed,not cancelled.What idiot developer would carry on with all their projects in this climate.
Even if 30% of Dubais projects were canceleld for good,it doesnt matter.
Dubai still has enough projects to make it the great city it will become.
Dont expect everything overnight.Dubai has only been growing for 5 years.
Thats nothing for Gods sake.
Give it 10/15 years and we'll see whos right and whos wrong.

In the meantime read this report.4% price corrections so far going to 20%.Thats not bad.
http://www.arabianbusiness.com/540001-property-correction-sooner-steeper-than-anticipated

 

[aviduser]

Del Boy

Finally someone with some sense.

What you said is spot on and sums it up rather nicely, there were never the proper fundamentals in place to support either the high rents OR the spiralling prices.

What happened was a classic bubble and it's shocking that more people did not see it coming sooner.

I see today that the Trump Tower is officially delayed, this is the new code for "cancelled" I think even Trump has wised up.

I have said before that this hole fiasco didn't have to happen but became inevitable. The rulers just did not have a clue yet are hero worshipped ?.

In a few years time books will be written about Dubai, it will be told as a classic fable of our times, of how greed and stupidity claimed the fate of an entire country.

I imagine though that even after this calamity The "BOSS" will still be sailing around the World in the World's biggest private ship quietly bemoaning that the whole thing was America's fault.

As for the predictions above, I say anything not more than 50% done will be cancelled, including the Airport. Metro will be a flop as it will be too hot to walk to in Summer. See Las Vegas for an example of a monorail not living up to expectations.

Dubai after all the calamity will survive of that I have no doubt, it will go back to being a trading and business destination and perhaps a curiosity for others to see just how badly and quickly dreams turn bad.

 

[eyeC]

ONLY a strong middle class can make a stronger economy with a sustained growth...and thats a FACT

i agree with your comments sasherwani

Dobuy we agree and disagree sometime ,but it shouldn't be taken personal

each person in here is saying the way he sees the picture

and good luck to all of you

 

[sasherwani2]

Thanks guys; I am actually surprised coz I wasnt expecting many of u would agree to my blunt views about Dubai. Dubai "could" have been a wonderful place had it focused more on doing things "right" instead of doing things "bigger and faster". As another forum member said "Dubai will go down in the books as a royal tragedy".
What exactly do people want when they move to developed countries? Job security? Good value for money? Better living? Better weather? Better infrastructure? A better life perhaps?

Dubai did it all wrong.

With the bubble bursting, more and more ppl are losing jobs and almost everyone I know is concerned about losing his/her job. There are no laws protecting the unemployed. Heck your kicked out of the country the moment you lose your job. No residency laws here even if you have served the country for 30+ yrs!! No green cards, no immigration..nothing.
Dubai made it more and more difficult to survive for the middle class. Even substandard projects like IC had a rental of AED 80-85k for a one bedroom apt. You can rent a 3 bedroom HOUSE in a decent location in the US with that price. Something was seriously wrong here.
Dubai paid no attention to fixing the traffic situation. It was like it was given 5 yrs to make as much money as it could without thinking abt the future. All the major projects (Burj Dubai, Dubai Mall, JLT, JBR, Marina, DIC, DMC, TECOM, Old Town, MOE, Downtown, ET etc etc) were built on Sheikh Zayed "knowing" that Sheikh Zayed Rd wont be able to handle the traffic. Today Sheikh Zayed looks like a parking lot for most part of the day. There's no alternate mean of reliable transport but "Saliks" have been added to encourage using the nonexistant "alternate" means of transport. Its a nightmare on the roads. I see atleast 2 accidents every single day. RTA still blames it on the drivers!
As the predictions and fears become facts (Trump Tower cancellation, Meraas holding all their projects, Nakheel downscaling the Waterfront etc),we all need to learn a lesson. Infact the whole world will learn a strong lesson from the failure of Dubai. "Work hard to build a strong middle class". Dont make them squeeze their wallet to an extent that they find it hard to survive anymore. Dont make them spend all their incomes on rent! They deserve some disposable income for the more important things in life like family and their kid's education. Dont make them spend hrs and hrs on the road because work itself is stressful enough.

I hope we all learn a lesson as we watch the Titanic sink.