Dubai Property Downturn

[dalvir bains]

WHY OH WHY ARE YOU PEOPLE STILL GOING ON ABOUT DUBAI??

DUBAI IS FINISHED, MANY OF US HAVE LOST FORTUNES,
BUT WHY DREAM THAT IT WILL GET BETTER.... IT WON'T :bawling:

APARTMENT PRICES AND RENTALS ARE STILL PLUMETTING DAILY, THOUSANDS OF TENANTS DEMANDING LOWER RENTS AND FLEEING TO THIER HOME COUNTRIES

WAKE UP GUYS, DUBAI WAS A DREAM, NOW FACE REALITY, THE CLEVER GUYS GOT OUT A COUPLE OF YEARS AGO.

 

[amplesou]

WHY OH WHY ARE YOU PEOPLE STILL GOING ON ABOUT DUBAI??

DUBAI IS FINISHED, MANY OF US HAVE LOST FORTUNES,
BUT WHY DREAM THAT IT WILL GET BETTER.... IT WON'T :bawling:

APARTMENT PRICES AND RENTALS ARE STILL PLUMETTING DAILY, THOUSANDS OF TENANTS DEMANDING LOWER RENTS AND FLEEING TO THIER HOME COUNTRIES

WAKE UP GUYS, DUBAI WAS A DREAM, NOW FACE REALITY, THE CLEVER GUYS GOT OUT A COUPLE OF YEARS AGO.

How much have you lost!

I have,nt lost anything yet !!!

dubai,s great by the way ,plenty of nice building still getting built !

Dalvir just because you got involved in bad investments because you where dreaming when you bought them does,nt mean we all have to stop dreaming!

After all its not a nightmare for me
( just running a bit late, well a couple of years accually):canabis:

 

[sgmasey]

WHY OH WHY ARE YOU PEOPLE STILL GOING ON ABOUT DUBAI??

DUBAI IS FINISHED, MANY OF US HAVE LOST FORTUNES,
BUT WHY DREAM THAT IT WILL GET BETTER.... IT WON'T :bawling:

APARTMENT PRICES AND RENTALS ARE STILL PLUMETTING DAILY, THOUSANDS OF TENANTS DEMANDING LOWER RENTS AND FLEEING TO THIER HOME COUNTRIES

WAKE UP GUYS, DUBAI WAS A DREAM, NOW FACE REALITY, THE CLEVER GUYS GOT OUT A COUPLE OF YEARS AGO.

I first went to Dubai to work in 1978 and I can assure you that even at that time a lot of people thought Dubai would be finished within 10 years!!

The fact of the matter is that they have not regulated the property development business, probably through no fault of their own, bearing in mind they appoint advisers/consultants on just about every aspect of daily life and they are not the first, or the last, to be in this situation. It was too much too soon, they should have taken a more balanced approach and not just let even man and his dog build a tower (or not in some cases)!!

The proof of the pudding will be on how they move forward over the next few years and this is what they will ultimately be judged on.

I too have invested and my developer is WAY behind schedule, but I believe that eventually it will come good, maybe in 5-7 years time, but one thing is for certain is that Dubai is far from finished and never will be.

 

[pinnacle1]

This will only happen when the government come out of denial and admit Dubai has serious problems. The country is totally corrupt, every one is after a fast buck, developers, government,agents and all who think by milking the tourists and investers that they will be very rich. Very short term, as we are now seeing. The developers were allowed to build whater ever they wanted and abuse the invester with meaningless contracts. The government then introduced a ream of laws, which only supported the developer, and introduced RERA, which is worst than useless. Thousands of people have contracts that clearly state completion dates. Some of these have over run by three years, but can you get your money back or claim compensation, of course you can't. Withhold payments, you get your property repossessed. Thats a good law. I have tried to contact RERA on many occassions, you get put through to a call centre where you leave message and are then totally ignored, Same with my developer TIGER PROPERTIES, by the sounds of it on par with all the other developers, terrible.
Why do they do it,because they can. Kiss your wife in public,you are put in jail, and yet developers can STEAL millions from people and get away with it. It is good to have friends in high places.
People are slowly realising that Dubai is not what it seems on the surface, but underneath is a country of greed and corruption with no human rights.





QUOTE=sgmasey;135375]I first went to Dubai to work in 1978 and I can assure you that even at that time a lot of people thought Dubai would be finished within 10 years!!

The fact of the matter is that they have not regulated the property development business, probably through no fault of their own, bearing in mind they appoint advisers/consultants on just about every aspect of daily life and they are not the first, or the last, to be in this situation. It was too much too soon, they should have taken a more balanced approach and not just let even man and his dog build a tower (or not in some cases)!!

The proof of the pudding will be on how they move forward over the next few years and this is what they will ultimately be judged on.

I too have invested and my developer is WAY behind schedule, but I believe that eventually it will come good, maybe in 5-7 years time, but one thing is for certain is that Dubai is far from finished and never will be.[/QUOTE]

 

[dalvir bains]

Dubai Rents Slashed, Vacancy Levels On The Rise

 

[amplesou]

Dubai Rents Slashed, Vacancy Levels On The Rise

Once again you see dubai,s success based on profit !
do you see your home town this way!!
no i thought not!

 

[rkolinko]

People have lost money everywhere in the world, its just Dubai wasn't property regulated but if it has been then you probably wouldn't have made all the money anyway. It was a property boom and many people with very little or no knowledge invested, it was simple speculation. Of course its easier to talk about it now, but i remember 2006-07 there was so much going on, such fast paced market.

I feel like the problem lies deeper and in the human nature more specifically "GREED". No one wanted to stop and it wasn't enough for anybody- prices were rising everyday.
Now the guys who got out in late 2006-2007 are not necessarily the smart ones they could be less greedier .

Dalvir, I do sympathise with you and the fortune you have lost - we lost money ourself but there is no point of blaming someone for your investment decisions. Nobody forced you to sign anything or buy any kind of property.

Its like when i rented a shop in Int.City, i got it for 24,000 and then we had some problems with plumbing and structural so landlord said he wont pay for fixing these problems BECAUSE he has given the shop to me for very low. To this comment I said " Have i forced you to sign the tenancy contract - even if you gave to me for 1 Dirham its not my fault its not enough for you - you are the INVESTOR you make decisions" - moral of the story - why blame someone ?

Thanks and please don't feel offended, just try to look at this from a different perspective.

 

[shoeb]

Dubai property is always go in profit i think you invest without proper investigation next time where ever you invest not in Dubai any where do proper home work

 

[eyeC]

everything moves in cycles the only problem people thought its different this time and property will go up for ever and ever.

it will but not in straight line and it will because of a hidden force called inflation

property cycles are not country specific anymore because of globalization many countries are in the same boat so its not about Dubai people lost money is Spain ,las Vegas ,Uk everywhere went down.

so title of this thread is wrong

 

[shoeb]

Even i also think about title of this thread but i thought moderator will look and comment then i will say some thing instead of "Dubai is finished" member can start like "Dubai Property is going to finish" or "Limited place to buy or sale in Dubai" What do you say eyeC

 

[eyeC]

thanks shoeb ,action taken ,i do agree a more accurate title could have been used to start the thread....

thats why i advise all users to think about the words used in their thread titles so that they can accurately describe the content or the subject of their thread and attract more viewers and will probably get more replies from our users to question ,advise,... etc

 

[shoeb]

thanks shoeb ,action taken ,i do agree a more accurate title could have been used to start the thread....

thats why i advise all users to think about the words used in their thread titles so that they can accurately describe the content or the subject of their thread and attract more viewers and will probably get more replies from our users to question ,advise,... etc

Thanks eyeC i will try my level best to be positive replier further with positive content

 

[hansol]

Please please can I beg everyone to proceed with extreme caution where buying a property in Dubai.

1. If it isn't complete walk away.

2. If you don't get deeds, walk away.

3. Remember owning a property in Dubai does not give you a permenant right to live there.

4. The law can chage at the whim of one man and you can be left with nothing.

5. Do not believe anyone when they promise you legal protection , it cannot be given.

6. Don't put it down if you cannot afford to lose it.

 

[abudubai]

Please please can I beg everyone to proceed with extreme caution where buying a property in Dubai.

1. If it isn't complete walk away.

2. If you don't get deeds, walk away.

3. Remember owning a property in Dubai does not give you a permenant right to live there.

4. The law can chage at the whim of one man and you can be left with nothing.

5. Do not believe anyone when they promise you legal protection , it cannot be given.

6. Don't put it down if you cannot afford to lose it.

Sound advice, true in many places but ESPECIALLY in Dubai.

 

[saiqa khan]

well i think..dubai is the one place where everybody wuld cum nd wants to work..only property gets down here due to all frauds nd etc..but rest of the business r doing fine..nd ppl who invested in property only lost their fortunes with their own mistakes ..i.e they all want to double their money in overnite time..nd morally shortways r always wrong ..y blaming govt or developers only??y u urself dint double check the documents at that time..
All other business r doing very gud here..so dubai is nt getting dwn..

 

[memo123]

Who the hell are you to judge others?

well i think..dubai is the one place where everybody wuld cum nd wants to work..only property gets down here due to all frauds nd etc..but rest of the business r doing fine..nd ppl who invested in property only lost their fortunes with their own mistakes ..i.e they all want to double their money in overnite time..nd morally shortways r always wrong ..y blaming govt or developers only??y u urself dint double check the documents at that time..
All other business r doing very gud here..so dubai is nt getting dwn..

Investors have lost money because of all assurances that their investments would be safe in Dubai . Developers were supposedly not allowed to even advertise for their development without authorities approval and credentials . Only to find out that "escrow" is a hazy word and all and I mean all developers were allowed by the authorities to use it to pay for Dubai ground , land name it .......even their adds . So FOR You come here and with all the audacity to say that all the investors who lost their life earnings to bunch of crooks is the investors' mistake is a big NO NO . GO and study what happened in Dubai and dig for information which by the way is clear to the blind now, may be then you will learn a lesson a good lesson for your future in Dubai ........

 

[Veronica]

Mostly it so happens that whenever you plan to buy or sell a property people are generally confused in which Dubai property to invest. Now as the property rates are going down, people from Dubai and also overseas are interested in investing the Dubai real estate.

To anyone who has read the previous posts in this thread what you are saying is total nonsense. Why would anyone want to invest money in a country which is totally corrupt and gives investors no assurance of their investment being safeguarded?

 

[dalvir bains]

The dubai islands are sinking!


The World is sinking: Dubai islands 'falling into the sea' - Telegraph

 

[amplesou]

To anyone who has read the previous posts in this thread what you are saying is total nonsense. Why would anyone want to invest money in a country which is totally corrupt and gives investors no assurance of their investment being safeguarded?

thanks for your imparcial coments ,i buy in cyprus then is it!

 

[saiqa khan]

Investors have lost money because of all assurances that their investments would be safe in Dubai . Developers were supposedly not allowed to even advertise for their development without authorities approval and credentials . Only to find out that "escrow" is a hazy word and all and I mean all developers were allowed by the authorities to use it to pay for Dubai ground , land name it .......even their adds . So FOR You come here and with all the audacity to say that all the investors who lost their life earnings to bunch of crooks is the investors' mistake is a big NO NO . GO and study what happened in Dubai and dig for information which by the way is clear to the blind now, may be then you will learn a lesson a good lesson for your future in Dubai ........

For ur information dear iam living in dubai nd lost 20 millions AED in property in 2 different projects.. nd still surviving here..one of my developer is in jail nd there is no chance of hm getting out as he got 20yrs prison for hs frauds..nd the other one gave me half money bk..i took it as sumthing is better than nothing..many ppl dint agree to this offer of hm at dat tym nd nw they r suffering more..
but out of all this mess i still say dat this crissis has cum all over the world nt only in dubai..ppl in US lost their money in stocks..nd diff crissis in diff countries ppl faced... but the only reason y ppl suffer more here is due to the lack of information nd plz dont mind due to their own greed..nd iam still working here nd dint ran away like many others..there r draw backs every where in the world but we cannt blame all to others ..nd to tell u one thing more those who did cheating with ppl here r themselves nt happy..they all r suffering with bad tyms..so dear never loose hope nd juz pray to Allah nd believe in Allah he ll do best to u nd wid all others aswell inshallah..nd plz no hard feelings ..every1 has diff experiences nd has rite to share wid ppl..it doesnt mean thad iam denying or hurting any 1 juz giving my own opinion...