Dubai - in the eyes of the "external media"

[stumbled]

I wish all those who are living in hope that this bubble will continue ''the best of luck''!!

I have mentioned in my previous post the UAE govt. will try everything on the cheap to restore it's economic confidence, the above post is from a local newspaper and I and many others here won't buy that.

I am not here to demoralise anyone, just trying to be a realist. The worst is still yet to come, people in the west are still losing jobs in huge numbers and these multi nationals are cutting huge numbers around the world, all this probably doesn't show in a place like Dubai, cause ppl catch the next plane out.

Another huge concern is people have bought properties at exorbitant prices/sqft and they have no choice but to forfeit their share and dump alot of almost finished and unfinished projects and take the losses.

Also, with the school term finished alot of people are winding up everything and going back home, that will cause a huge void, which still hasnt filtered into Dubai.

My biggest concern is the huge deposits and guarantee factors which the banks demand now. Many who wish to buy cannot and do not have the capacity to put down a deposit for a loan. Thats where the biggest difference is, banks in the west are pumping money to refloat the markets here, unlike Dubai, where they are petrified.

The biggest boom for dubai was from Russian and African buyers who pumped their black and ill gotten money into Dubai's property market. I am afraid even that is drying up if it hasn't already.

 

[paul66]

Mr Stumbled,
Can I ask what you do for a living? You seem to think you know a lot about the Economy, but I dont think you have any experience in this field. It just seems you are yet another Dubai Basher probably working for a British Newspaper.

Just to put you in your place with the REAL facts about the economy...

Quote from Stumbled:
"I have mentioned in my previous post the UAE govt. will try everything on the cheap to restore it's economic confidence" - now which government would NOT defend their country's economy???

"I am not here to demoralise anyone, just trying to be a realist" - Yeah right(!)

"The worst is still yet to come, people in the west are still losing jobs in huge numbers and these multi nationals are cutting huge numbers around the world" - Just for your info, job losses are starting to ease. Read todays FT - Financial job vacancies are on the rise again. Also latest UK Jobs data that came out today on the wires: Jobless rate for June was 23,800 claimants compared to estimates of 41,000. This is the lowest ever recorded over the past year. All the data that has come out recently has been better than expected, the worst is over my friend...and you still think worse is yet to come?

"Also, with the school term finished alot of people are winding up everything and going back home" - This is the only thing I actually agree with you. Yes, until next year, population will be down in the entire UAE as people have lost jobs and have been hanging around until now. But population will only be down marginally, as people dont just give up and put a gun to their head like you have, in fact more small to medium sized businesses are setting up in the Freezones across the UAE, which also means bringing their families over and creating jobs in the long run. Trust me, good schools will still have a waiting list, there wont be massive vacancies for places!

"The biggest boom for dubai was from Russian and African buyers who pumped their black and ill gotten money into Dubai's property market." - Get your facts right, the majority of investors are actually from UK, India and rest of Europe! Stop assuming things and find out the real data before posting such crap!

Unlike you, Mr Stumbled, I am a REAL analyst. If you need any advice, let me know.

Regards,
Paul

 

[stumbled]

Mr Stumbled,
Can I ask what you do for a living? You seem to think you know a lot about the Economy, but I dont think you have any experience in this field. It just seems you are yet another Dubai Basher probably working for a British Newspaper.

Just to put you in your place with the REAL facts about the economy...

Quote from Stumbled:
"I have mentioned in my previous post the UAE govt. will try everything on the cheap to restore it's economic confidence" - now which government would NOT defend their country's economy???

"I am not here to demoralise anyone, just trying to be a realist" - Yeah right(!)

"The worst is still yet to come, people in the west are still losing jobs in huge numbers and these multi nationals are cutting huge numbers around the world" - Just for your info, job losses are starting to ease. Read todays FT - Financial job vacancies are on the rise again. Also latest UK Jobs data that came out today on the wires: Jobless rate for June was 23,800 claimants compared to estimates of 41,000. This is the lowest ever recorded over the past year. All the data that has come out recently has been better than expected, the worst is over my friend...and you still think worse is yet to come?

"Also, with the school term finished alot of people are winding up everything and going back home" - This is the only thing I actually agree with you. Yes, until next year, population will be down in the entire UAE as people have lost jobs and have been hanging around until now. But population will only be down marginally, as people dont just give up and put a gun to their head like you have, in fact more small to medium sized businesses are setting up in the Freezones across the UAE, which also means bringing their families over and creating jobs in the long run. Trust me, good schools will still have a waiting list, there wont be massive vacancies for places!

"The biggest boom for dubai was from Russian and African buyers who pumped their black and ill gotten money into Dubai's property market." - Get your facts right, the majority of investors are actually from UK, India and rest of Europe! Stop assuming things and find out the real data before posting such crap!

Unlike you, Mr Stumbled, I am a REAL analyst. If you need any advice, let me know.

Regards,
Paul

An advice from someone who lives in gaga land would be useful isnt it??

UK jobless claims in slowest rise for 13 months

Here is a link of the job losses and today the numbers have risen to 7.6%, so your FT IS YESTERDAY NEWS , READ THE NEWS ITS STILL A RISE EVEN THOUGH IT'S SLOW, ITS STILL THE HIGEST IN MANY DECADES.
If you read properly the biggest boom of ill gotten money and black money is what i was reffering, CAUSE EVERY ONE KNOWS THE UK, INDIA, PAKISTANI..ETC ETC INVESTORS ARE LONG GONE. The problem with you is you need reading lessons, then come back and impart knowledge.
I agree every gov. will try to defend its economy...BUT DOING IT CHEAPLY, like using it's local media is pathetic. Get out there and help people with problems, rather than try and bring the feel good factor with its cheap newspaper gimmicks.

When I mentioned ppl winding up and leaving Dubai, I didnt mean the whole expat community, YES schools will still run and life will still go on, but even if there is a void of 5-10% unlike ppl who are settled in the west its still a void and IT STILL NEEDS TO BE FILLED!

Just look at the drop in prices OF REAL ESTATE in rental yields...people haven't lost their shirts here....more like their undies.

The problem out here with people like you is you can't make out head or tail of what is written, everything seems crap and you are so scared and frustrated with what is posted you don't know where to run(headless chicken comes to mind),DON'T LOSE YOUR TEMPER ,STAY CALM. :thrasher:

We all know here you get ur news from the arabs who are trying their best to put a blind fold on investors once again, believing thier rubbish, now here is some CNBC NEWS on how the markets are posed for a huge correction.

Charts: Worst Correction Yet to Come - Economy * Europe * News * Story - CNBC.com

 

[paul66]

That link is almost a month old and what 1 analysts thinks. And for your info I am from the UK not "Gaga land" you racist thug! I live and work in both London (May-October) and Dubai for the rest of the time - you could call it best of both worlds.

You still didnt tell us all what you really do for a living - not that we really care but it defo is not important.

Mate...it seems you have lost your shirt, undies including your bra and g-string, etc. in the financial markets, thats why you seem so pessimistic and miserable like the worlds about to end!

Do us all a favour....

 

[stumbled]

That link is almost a month old and what 1 analysts thinks. And for your info I am from the UK not "Gaga land" you racist thug! I live and work in both London (May-October) and Dubai for the rest of the time - you could call it best of both worlds.

You still didnt tell us all what you really do for a living - not that we really care but it defo is not important.

Mate...it seems you have lost your shirt, undies including your bra and g-string, etc. in the financial markets, thats why you seem so pessimistic and miserable like the worlds about to end!

Do us all a favour....

hahahaha....racist thug eh...You wanna know my field so you can get even more personal??Shows how cheap you can get just on a forum, wonder what you do in real life. Told you dont lose your temper keep it real and calm. The bra , panties, thongs, g-strings..etc etc I've left for YOUR women folk to lose.

As for me i am a retired landlord and have been so for 12 years. And if you must know, all my properties are in London, all paid upto date and what I buy i never sell, it stays in the family and have been in this field since 1995.

Stupid, I realise the link is a month old, but it is for the correction to come in august ,sept oct...I told you, there isn't a more stupid person arguing at the moment out here, cause you don't get to the bottom of the subject. Its like when a monkey sees a few peanuts he jumps up and down.

Anger and caling me racist won't get you anywhere. When ppl like you lose an argument they resort to cheap insults. :rock:

You will have to do better than that. I aint a pessimist, i just hate people who don't wanna see the truth. This is a forum, we argue for the positives and negetives. When ever I say anything negetive people like you come back with cheap insults and try and bully with your B*** S*** NEWSPAPER SNIPPETS.
So keep it coming dude, I got all the time in the world.Keep me entertained....lol.

 

[Bilal Usman]

To Stumbled and Paul

Hang On Guys, i`ve been reading all this since long your kind converstaion, but here i would like to share something with both of you Guys, well i am a investor who bought off plan ( short build time) and ready properties.

Bought 2 1br in IC in CBD area with short build up time well completion expected last year but now its almost complete ( finiihing going on) , the reason to tell you abt this is that i bought them in 07 in around 640/sq.ft, now i got a call yesterday to sell it for 600/sq.ft ( but i refuse) as i bought it for end use ( will give it on rent) according to paul posting 55000 is the rent and ill still get 10 % on my investment which i think no where in the world.? In U.K u can get an apartment now for 140000 Uk Pound ( with no tenant) :flute:

I was thinking to buy a studio in IC two months back for 275000 AED, but till yet not getting less then 310000 AED ( Please tell me where are the panic sellers) contact me i am buyer in 275k:stupido2:

Have a shop in IC england, cant rented out when market was in boom. Leased out last month for 40 K in recession :trytofly:

Have a apartment in Green`s ( Arno) rented it for 120k but my tenant is so sweet no leaving it ( I have to kick his bumpy to get out?) as per you told there are apartments but no tenants.

2 1br in Lady Raton Manor, vacated in 75k last month, again rented out in 55 k, people are mad coming bak and taking them as there are no jobs?

Studio in Engaland IC rented in 58k, but i am still waiting for him to vacate should i? cause dubai is drawning into the Arabian Sea? :help:

Now Stumbled the reason is why i explained my all story is that having this much investment i am VERY HAPPY that i invested in DUBAI cause nothing happen bad EXCEPT one or two of my investments cutted to 50 % of the amount which i bought in, but i invested for long term man, not for flipping. and its almost 3 years now for my investments and i already had 3 years rent for my properties, hope this will cover my loss in another 3-4 years, but my brother lossess and profit are for those who sell& buy instantly their properties hence getting that time market price, hope you understand what i am trying to explain, in this forum mostly people are Flippers and Gamblers who want to be a Millioare in a Night, comeon Guys Wake Up Invesments always means that buy and Forgot ( unless GODFORBID you in a bad time and need of money),and Mark my words that property always pay you off. It looks nothing right now but in another 10 years ( I dont know about my seld if i alive as my GOD knows) but surely your Generation will have fruit of this.
And yes for your info i bought All these properties by selling my property here in my Home Country which my father bought for me and at that time people use to tell him you did the biggest mistake of your life as you bought desert. MARK MY WORDS, PROPERTY NEVER LET YOU DOWN, but u must have to be patience.
Unless you are not one of the Short time Investor( Gambler)
AND PAUL thanks for your useful psoting about current market scenario and you are right about each preception cause i m getting exact rents on my invesment as you mention.

 

[stumbled]

Hang On Guys, i`ve been reading all this since long your kind converstaion, but here i would like to share something with both of you Guys, well i am a investor who bought off plan ( short build time) and ready properties.

Bought 2 1br in IC in CBD area with short build up time well completion expected last year but now its almost complete ( finiihing going on) , the reason to tell you abt this is that i bought them in 07 in around 640/sq.ft, now i got a call yesterday to sell it for 600/sq.ft ( but i refuse) as i bought it for end use ( will give it on rent) according to paul posting 55000 is the rent and ill still get 10 % on my investment which i think no where in the world.? In U.K u can get an apartment now for 140000 Uk Pound ( with no tenant) :flute:

I was thinking to buy a studio in IC two months back for 275000 AED, but till yet not getting less then 310000 AED ( Please tell me where are the panic sellers) contact me i am buyer in 275k:stupido2:

Have a shop in IC england, cant rented out when market was in boom. Leased out last month for 40 K in recession :trytofly:

Have a apartment in Green`s ( Arno) rented it for 120k but my tenant is so sweet no leaving it ( I have to kick his bumpy to get out?) as per you told there are apartments but no tenants.

2 1br in Lady Raton Manor, vacated in 75k last month, again rented out in 55 k, people are mad coming bak and taking them as there are no jobs?

Studio in Engaland IC rented in 58k, but i am still waiting for him to vacate should i? cause dubai is drawning into the Arabian Sea? :help:

Now Stumbled the reason is why i explained my all story is that having this much investment i am VERY HAPPY that i invested in DUBAI cause nothing happen bad EXCEPT one or two of my investments cutted to 50 % of the amount which i bought in, but i invested for long term man, not for flipping. and its almost 3 years now for my investments and i already had 3 years rent for my properties, hope this will cover my loss in another 3-4 years, but my brother lossess and profit are for those who sell& buy instantly their properties hence getting that time market price, hope you understand what i am trying to explain, in this forum mostly people are Flippers and Gamblers who want to be a Millioare in a Night, comeon Guys Wake Up Invesments always means that buy and Forgot ( unless GODFORBID you in a bad time and need of money),and Mark my words that property always pay you off. It looks nothing right now but in another 10 years ( I dont know about my seld if i alive as my GOD knows) but surely your Generation will have fruit of this.
And yes for your info i bought All these properties by selling my property here in my Home Country which my father bought for me and at that time people use to tell him you did the biggest mistake of your life as you bought desert. MARK MY WORDS, PROPERTY NEVER LET YOU DOWN, but u must have to be patience.
Unless you are not one of the Short time Investor( Gambler)
AND PAUL thanks for your useful psoting about current market scenario and you are right about each preception cause i m getting exact rents on my invesment as you mention.

Well, good luck to you!! and all the very best.

Listen, if you read my last post I've mentioned I am a landlord for 12 years and have retired at 38 and all because of property. So if you call me a pessimist then you are wrong. I've paid all the properties off and am reaping fruits from it.

Again no one seems to analyse anything, you are unique cause you didn't borrow the money to buy your properties in Dubai and hence you can talk of a 10% return. But then again you are missing the trick, if you invested you cash last year in an offshore bank you could get a return of 7.15% on sterling, now you talk of 10% return correct?? Ok have you taken the service charges into account(highest in international city),wear and tear, management charges, your travelling up and down, I also hope you declare that income if you live in the UK as you have to pay TAXES on it:smile: AND LASTLY IF YOU WOULD HAVE BORROWED MONEY ON A BUY TO LET YOU CAN ON LY GET IT FOR LIKE 7-9%, SO WHAT CALCULATIONS ARE YOU DOING TO CALL FOR A 10% INCOME?? lets see your maths.

I live in London and for me buying property was the best thing ever and I retired on them at the moment with my credit ability I can get a mortgage from 2.35% fixed for 2 years from woolich on my home(* re mortgage),which I can easily invest in Dubai and make money and reap that 10% income you talk of. After 2 years of fixed period cash the property return the loan and make a handsome profit, but seems I've done my homework unlike some and I don't see it happening.
So, why am i complaining and being a pessimist?? I am not, i am just giving you guys the real facts, cause when you are getting into something you have to do it for making money and know the total facts.

I appreciate your input and your effort and like reading facts like you have provided, keep em coming.

 

[stumbled]

Ok now, on you point of flats in London for £140k and surely you are referring to new builds and 2 beds.

Ok, now go to the auction results and you can see plenty of 2 beds selling for 90k-120k. In areas like woolich, croydon,se25 and areas which are on the boundries of London. So, now you are buying run down properties in run down areas, where the demand for housing is greatest with people on housing benfits.

The councils now pay a fixed rate on 1,2,3 and 4 bed properties and the rates can be found on council websites. Now let me give you an example, in croydon the council pays a tenant about 213/week for a 2 bed flat. Now, if you are smart to draw up your contract and manage the tenant yourself, that gives you a return close to 10 % gross. So, its all about knowledge and how you go about using it.
:wow:

Making money with practical and sensible ideas is intelligence. Building castles in the air and living in hope is..............(fill in the blank)

 

[paul66]

You've gone awfully quiet Mr Stumbled...you haven't stumbled have you?

Perhaps you're scared that the stock markets are rallying over the world and your pessimistic and gloomy view of the world economy is going all wrong for you!

A word of advice for you...cut your losses and stop shorting the markets... We are NOT going to be seeing another crash for some time!... and we will not even go back to the March lows either! The Haynes bottom will remain THE bottom. (sorry is this all confusing to you?... I forgot you're not a well educated man!)

 

[stumbled]

You've gone awfully quiet Mr Stumbled...you haven't stumbled have you?

Perhaps you're scared that the stock markets are rallying over the world and your pessimistic and gloomy view of the world economy is going all wrong for you!

A word of advice for you...cut your losses and stop shorting the markets... We are NOT going to be seeing another crash for some time!... and we will not even go back to the March lows either! The Haynes bottom will remain THE bottom. (sorry is this all confusing to you?... I forgot you're not a well educated man!)

LOL....I am only answering your personal questions about me, I am only quiet cause you haven't said anything in like 2 days.Like I said you are so cheap and angry you have gotten personal, shows how educated you are :ridinghorse: :elefant:
As for my education, I am an architect.Since I come across to you as an uneducated man,even a layman like me can and could see DUBAI IS A WASH OUT, how did you miss it, greed or stupidity or just plain zero knowledge??

You called me a racist thug, you need to start looking in the mirror, you judgemental loser, who gets personal on a forum, only cause you haven't got any more information to impart. You jump at a little rally you see world wide, people like you get slaughtered and bears like us make the money, so keep it coming and thank you for keeping me entertained.

Just for the information ,this forum is about dubai property and you seem to have lost all hope and information on it, even your cheap local newspaper snippets have stopped, keep picking on these cheap information to boost your ego.

 

[paul66]

Asteco Dubai Report - 2009 Q2

Link to the Asteco Dubai Report for Q2 of 2009...
http://web.asteco.com/resources/pdf/q22009/q22009_dubai.pdf

Highly informative and interesting report for all.

Regards,
Paul

 

[paul66]

Emaar Chairman expects demand to exceed supply in 1 to 1.5yrs

Also...for the Western Countries, the British Media and those who wish Dubai to fail...He reiterates the fact that DUBAI IS PART OF THE UAE and help from Abu Dhabi is help from a brother NOT an enemy!:beer:

Here's the Video on CNBC...
Video - CNBC.com

Regards,
Paul

 

[Heavenscent]

Emaar Chairman expects demand to exceed supply in 1 to 1.5yrs

Also...for the Western Countries, the British Media and those who wish Dubai to fail...He reiterates the fact that DUBAI IS PART OF THE UAE and help from Abu Dhabi is help from a brother NOT an enemy!:beer:

Here's the Video on CNBC...
Video - CNBC.com

Regards,
Paul

Who is he trying to kid??

 

[GT74]

Abu Dhabi and the rest of the GCC countries are learning from Dubai mistakes to create their own mega projects, hence I would expect that middle east funds which traditionally go to Dubai will now be invested in other countries in GCC.

On the part about Abu Dhabi being a brother, I honest dont see why the Al Nahyan family would want to pump in good money to clean up the dirt created by Al Bu Falasah family when they themselves are also trying to build they "dream" projects such as the recently completed Yas Marina.

Personally I feel that the collapse of Dubai property market is long overdue and the one of the reasons why it could last that long is because those foreign investors are not aware of those sweet and big talking middle east businessman , plus people living in Dubai are constantly bombarded with only the good and wonderful news in the local papers and business magazine.

Enjoy the beer while it is still fresh..

 

[paul66]

Dubai Metro Could Boost Property

Airtime: Mon. Oct. 26 2009 | 09 08 00 ET

Video on CNBC
Video - CNBC.com

The property market in Dubai is seeing signs of stabilization and the recent opening of the Dubai Metro should boost the market, according to research from CB Richard Ellis. Nicholas Maclean from CB Richard Ellis spoke to CNBC about the outlook.

 

[kully sanghera]

:fight:

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

 

[paul66]

Dubai Holiday and flight enquiries on the up!

Some good news for Dubai and the UAE

Some of the travel agents in the UK have seen a huge increase in holiday and flight enquiries to Dubai recently.

They say it is because of all the negative Dubai coverage in the media, and is resulting in many middle class people (who would have never even thought of going to Dubai as it was perceived as a 'Rich mans paradise') to booking holidays there.

Dubai is also the top 10 search in Lastminute.com, Expedia and ThisisTravel web sites.

This is great news. We should thank The Times, Daily Telegraph and all the racist British media who thought they had the last laugh but actually is going to help fast-track tourism to the country instead. Well done you c*nts - much appreciated. :rofl:

Paul

 

[samsaf]

Source?

Paul,

Can you please provide your the news source for this?

Thanx

Some good news for Dubai and the UAE

Some of the travel agents in the UK have seen a huge increase in holiday and flight enquiries to Dubai recently.

They say it is because of all the negative Dubai coverage in the media, and is resulting in many middle class people (who would have never even thought of going to Dubai as it was perceived as a 'Rich mans paradise') to booking holidays there.

Dubai is also the top 10 search in Lastminute.com, Expedia and ThisisTravel web sites.

 

[Heavenscent]

Paul66 is right... there is a lot of interest in flights to Dubai... but there always has been... I travel at least 6 times a year back to Europe and the flights are always full!
However when one arrives at Dubai airport... only around 10% of the flight actually get off in Dubai.. the other 90% make their way through the door that says Transit.

 

[georgihh]

Paul66 is right... there is a lot of interest in flights to Dubai... but there always has been... I travel at least 6 times a year back to Europe and the flights are always full!
However when one arrives at Dubai airport... only around 10% of the flight actually get off in Dubai.. the other 90% make their way through the door that says Transit.

The reality is that nobody wants to spend money in Dubai - everybody wants to make.
Dubai tourism – laughable – nothing to see in Dubai.
They lost the location of Central Gulf Bank – Dubai business hub - must be joking
Lots of international companies are already operating from Europe and if they come back to the region I don’t think is going to be Dubai
The government does absolutely nothing to attract investors or at least to keep the existing ones.
I wander why they started this expansion if they don’t want it. They just pulled back and wait for a miracle. AD is not going to help them because all the money were thrown in the sea by the naughty brother Dubai.