Bye bye dubai ***game over ***

[andoni30]

Dubai is OVER.

Try to recover a few of your money and go out, if you wait til next week, could no money for you next week.

Dubai never will be a paradise... all people with money that purchased properties in Dubai in last two years, at this moment only have problems. Problems with constructors, with law, with authorities... I have some purchases, I am paying my installments and my constructions still not started. This Year I stayed in Dubai 3 times to try to solve problems... allways with problems, with stupid papers, they are all time cheating to investors.

I purchase properties for my own pleasure, for my hollidays, I like Dubai... but now each time I cath a fly to go to Dubai, I hate dubai... they only want you pay pay pay and they do nothing... nothing is secure in dubai, you dont know where is the money you paid for your property. They make you stupid offers to transfer the money you paid to low value properties with bad quality. but never money refund. All of us are in the same situation.

You will pass your hollidays in a paradise where they made your life impossible ? NO THANKS, I hope to recover some of my money and RUN

 

[dalvir bains]

GAME OVER DUBAI!! :ciao:

£40bn wiped from the value of British firms as Dubai company warns it can’t pay its debts | The Sun |Features

 

[anil]

GAME OVER DUBAI!! :ciao:

£40bn wiped from the value of British firms as Dubai company warns it can’t pay its debts | The Sun |Features

:typical:

If its in "The Sun", it must be right.

No Sun, No Comment.

 

[panchal]

Dear All,

My experience with Dubai having been three time to resolve proplem of money is get out now, before its to late.

DUBAI is going BUST its only a matter if companies getting out one by one, thier is no money in Dubai, workers are also not paid thier wages,. I have trusted the Arabs and invested my savings, but lost the lot.

SO DO NOT THINK DRAW OUT ANY MONEY U HAVE NOW.

If and only "if" Dubai recovers its only for their citizans and not for foreigners who have invested.

The Fat Arabs are getting fatter on youor and my money. Where is the justice.

Sorry but I am very Bitter about it all.

Regards and good luck to you all.

 

[Wannaberich]

:typical:

If its in "The Sun", it must be right.

:laugh::laugh::laugh:

 

[Sixgun]

:laugh::laugh::laugh:

The Sun should be ashamed,

I saw the article, it featured a 2 page spread ariel view of the Burj Dubai and surrounding area.
Only small problem was the photo was from the past when the Burj was just a skeleton building with no windows, cladding etc.
it gave the impression of work stopped, showing some interiors unfinished.
Total misconception given to the unknowing british public, i.e that it is actually a built, fantastic looking building.

No help to British investors from the British press

 

[Wannaberich]

The Sun should be ashamed,

I saw the article, it featured a 2 page spread ariel view of the Burj Dubai and surrounding area.
Only small problem was the photo was from the past when the Burj was just a skeleton building with no windows, cladding etc.
it gave the impression of work stopped, showing some interiors unfinished.
Total misconception given to the unknowing british public, i.e that it is actually a built, fantastic looking building.

No help to British investors from the British press

You're so right.The OLD picture of the Burj made me laugh.You then had an up to date pic of the interior giving the impression that building works had been abandoned.
Roll on Jan 4th when the opening is due.
It amazes me some of the mis-reporting thats come from the british media.
Headlines like this from the Mail dont help.

Brash, flash and built on a mind-boggling scale, it was a monument to vanity and greed... now Dubai is sinking under £48bn debts

 

[samsaf]

This is another attempt to trash Dubai's reputation and get the prices to a new low..

... mark my words, after 3-5 years, after the whole world economy recovers, you will find some of the very guys here on the thread who spilled panic every were and the World is Coming to an End scenario will be the first to buy properties from those running for their lives, only to cash-in on the very same properties when the prices go up again

 

[Brendan R]

of course, we're still 3 to 5 years away then from any bargain, let's wait, sand will be cheaper

 

[GT74]

To me, Dubai economic model is quite similar to Madoff ponzi scheme, whereby the economy can only continue to function if there is a constant stream of NEW money coming in to support its economy. Now that Dubai World has defaulted, the inflow of money will stop and many expensive exotic projects (which imo doesnt make business sense) will have difficulties in continuing.

And thats probably why I think Abu Dhabi will not simply write a blank cheque to bail out Dubai.

 

[aziqbal]

Wish you guys all the best!!!

I just think myself lucky that I took the rental guarantee from Minc at 8% for Studio I get 24,000 AED hell im happy with that!!

Im going Dubai to to talk with the tenent to ask if hes going to stay there for 30,000 AED when my Minc contract runs out in May 2010

 

[Wannaberich]

Dubai never will be a paradise... all people with money that purchased properties in Dubai in last two years, at this moment only have problems. Problems with constructors, with law, with authorities...

I brought just over 2 years ago and Im ok and so are many other investors.
You then have all those who brought 2004/05/06 who even with the property crash are still highly in profit.
Its not all doom and gloom.
I thought that would cheer you up

 

[kully sanghera]

:fight:

Dubai Default Swaps Show No Distress on Bailout Bets (Update1) - Bloomberg.com

 

[Brendan R]

people that are screwed are people that bought offplan where project is either delayed or cancelled with no refund.

The worse situation is having bought into a project for which you have already paid 50% down and you don't know if or when it will be completed.

You are in a situtation where you have no income from the property, are probably facing a loss should you sell now, and are asking yourself whether you must keep on pouring cash into such an unknow outcome.

On top of that, you need to assess what everybody else is doing or you could end up being the sucker that has kept pumping money into a project while everybody else was pulling out. I would keep an eye on the funding of projects.

Last but not least, keep an eye on how robust is the developper, i.e. with Nakheel potentially defaulting, you could lose everything.

Tough times if you own a dream with no concrete in it...

On the other hand, if you invested a few years ago, that the income you extract covers the mortgage, property management costs and etc..., then why not stick to your investment if you believe in Dubai's future.

The alternative is also to sell if you can eke out a profit and be done with Dubai. There are lots of places in the world where real estate offers better risk-adjusted returns. My understanding is that lots of people cannot sell because they would incurr a loss. People hate making losses and will lie to themselves saying it's just a paper loss rather than facing the truth.

The reality is the Dubai property market is now a coin toss, with maybe equal chances of going up or going down. Sounds like a casino, doesn't it?

 

[Wannaberich]

The worse situation is having bought into a project for which you have already paid 50% down and you don't know if or when it will be completed.

You are in a situtation where you have no income from the property, are probably facing a loss should you sell now, and are asking yourself whether you must keep on pouring cash into such an unknow outcome.

In that situation you do not have to pay any more if construction has come to a halt.
You cannot sell as no-one will buy unless you almost give it away.If you have borrowed cash to pay for it then if you can afford to make the re-payments then you have no choice but to hang on unless you want to walk away.