Interesting Videos on Dubai Property Crash

[sonofthedesert]

[ame=http://www.youtube.com/watch?v=67dYh4UQmUE]YouTube - Dubai Property Market Collapse !!!!!!!!!!!!!!!!!!!!![/ame]

[ame=http://www.youtube.com/watch?v=sk9Sbpnkd-4]YouTube - Dubai Real Estate Crash !!!!!!!!!!!!!!!!!!!!!!!!!!![/ame]



Taken the first one down! Agreed...its bogus, but these two are frightening indeed. What is worse is that many of these places aren't even renting now. If thats the case, many people will be F***ed!!

 

[PropGuy]

first video is bogus.

 

[eyeC]

it made me think its alot worse than i thought...but still things can turn with few new rules

still a nice place to live , a place where you can show off if rich without getting in trouble

 

[Brendan R]

yes, first video is bogus and should be taken off. The other two come from objective sources, CBS (US) and DW (Germany)

 

[sonofthedesert]

I have taken the first one off and left the other two 'real' ones. If anyone else has anything similar please share it. The press here is controlled and I don't think they really want people to know how bad it is and how much worse it will probably get.

On another note, I did some checking around today and found out that the average condo price in Miami these days is approx 200$ per sq ft on the low end and 400 $ per sq ft on the higher end while the average price per sq ft for all homes in the metro Miami area is less than 100$ per sq ft. While there are certainly a lot more low end areas in Miami, the two cities do share some similarities with their quick booms and busts - particularly in the high-end homes and condo sector. Would you think that these prices are indicitive of something similar in Dubai (e.g. 734 dirhams per sq ft up to 1450 per sq ft) these days for apts?

 

[georgihh]

I have taken the first one off and left the other two 'real' ones. If anyone else has anything similar please share it. The press here is controlled and I don't think they really want people to know how bad it is and how much worse it will probably get.

On another note, I did some checking around today and found out that the average condo price in Miami these days is approx 200$ per sq ft on the low end and 400 $ per sq ft on the higher end while the average price per sq ft for all homes in the metro Miami area is less than 100$ per sq ft. While there are certainly a lot more low end areas in Miami, the two cities do share some similarities with their quick booms and busts - particularly in the high-end homes and condo sector. Would you think that these prices are indicitive of something similar in Dubai (e.g. 734 dirhams per sq ft up to 1450 per sq ft) these days for apts?

Miami is too far away from the Middle East.
You cannot compare
Dubai serves the countries from the Middle East, India and Pakistan
Dubai can be 100$ but also can be 1000$ - we will see.
Now I am optimistic that the government will not let this place fall apart.
Will be difficult but we will be ok very soon

 

[samsaf]

Miami is too far away from the Middle East.
You cannot compare
Dubai serves the countries from the Middle East, India and Pakistan
Dubai can be 100$ but also can be 1000$ - we will see.
Now I am optimistic that the government will not let this place fall apart.
Will be difficult but we will be ok very soon

Plus, don't forget about financing, who is going to give you a mortgage in the USA if you're living and working in Dubai?

 

[sonofthedesert]

Just posted the facts about Miami for comparative purposes. For instance, if one can get a 2 bed/2 bath luxury ocean view condo in Miami/Miami Beach for 200-250000 $ these days, one might assume that the price should at least be somthing similar in Dubai for around the same thing. That would be around 734-918000 dirhams for a luxury Marina/Palm etc. apt. That sounds about right, but prices would still need to come down here a bit as developers and agents get desperate and as more people foreclose, cut and run or have distressed sales etc.

Just saying that from a worldwide perspective, that is what these things are approx. worth. One also has to factor in the lack of residency issues, personal freedom issues and lower quality of construction amongst other things here compared to another cosmopolitan 'fun and sun' destination like Miami.

Anyhow, I'm not immune from this situation either and I'm certainly not bashing anything. I bought two places in Abu Dhabi a year ago. I intended to try and flip one and rent the other out. I've secured financing for one that will be completed next year and plan to rent it out, but have decided to lose my deposit on the other rather than trying to make more installmets, securing another loan, and waiting this crisis out. I just don't see prices rebounding from 50-60% declines any time soon and I don't want the trouble of more loans, finding renters etc. Thankfully, I own a house in Canada that I rent out and it has done quite well. That is my 'security blanket' at this point and as the old saying goes..."You win some and you lose some!"

 

[Ajmanprop]

Here's one - from the BBC show "The Oracle" - ran on the Feb 13th.

[ame=http://www.youtube.com/watch?v=Bn8QLDp80lg]YouTube - Peter Schiff 2/13/09 - Oracle with Max Keiser [Part 1][/ame]

There are 2 parts in all. They have a satirical approach - which may mask the seriousness of the issues to the casual observer.

 

[Ajmanprop]

(2 of 3). The third part may not be relevant....to this thread.

[ame=http://www.youtube.com/watch?v=amENstmdqU0]YouTube - THE ORACLE Feb 13 2009 2of3 Max Keiser 's BBC show[/ame]

 

[sonofthedesert]

Here is an article from yesterday. At least the locals won't have to worry about going to 'debtors prison' as they'll all still have their jobs. Maybe they can revive the economy .

UAE considers law to ban termination of Emiratis - Politics & Economics - ArabianBusiness.com

 

[patience]

OMG I have always said Dubai reminds me of Miami!!

I have taken the first one off and left the other two 'real' ones. If anyone else has anything similar please share it. The press here is controlled and I don't think they really want people to know how bad it is and how much worse it will probably get.

On another note, I did some checking around today and found out that the average condo price in Miami these days is approx 200$ per sq ft on the low end and 400 $ per sq ft on the higher end while the average price per sq ft for all homes in the metro Miami area is less than 100$ per sq ft. While there are certainly a lot more low end areas in Miami, the two cities do share some similarities with their quick booms and busts - particularly in the high-end homes and condo sector. Would you think that these prices are indicitive of something similar in Dubai (e.g. 734 dirhams per sq ft up to 1450 per sq ft) these days for apts?

 

[EasternCentury]

i was told there have been 3000+ cars abandoned at the dubai international airport.

Investing in far east region real estate makes more sense! Most of the metropolitans in far east region take few decades to establish and you will never find any city here where foreigners more than local residents!

Real estate in Hong Kong and Kuala Lumpur are picking up since Feb 09.

 

[Mikerux8]

at first, i was surprised (much like everyone in dubai) when i've heard about cars being abandoned . but then, rumours start spreading with different figures (3000, 5000 even 9000 cars left in the airport parking lots). which figure is real, no one can answer.

 

[stumbled]

The place has so many skeletons its shocking and these rulers have bend and twisted the laws to an extent where they have had a massive investmnet from around the world . They have built all this glittering phenomenon called dubai on such huge credit(107% of their gdp) it could have gone burst along time ago, if not for abu dhabi(and now they are bringing in alot of their rules and restrictions on dubai) .

How long will it take them to change the rules to their benefits is anyones guess. Just look at the clip below and judge for urself how merciless these people can be, if they can treat their own like this, what are the expats to expect?? I mean they are treated as second class citizens anyway.

ABC News Exclusive: Torture Tape Implicates UAE Royal Sheikh - ABC News

 

[baba toto]

The place has so many skeletons its shocking and these rulers have bend and twisted the laws to an extent where they have had a massive investmnet from around the world . They have built all this glittering phenomenon called dubai on such huge credit(107% of their gdp) it could have gone burst along time ago, if not for abu dhabi(and now they are bringing in alot of their rules and restrictions on dubai) .

How long will it take them to change the rules to their benefits is anyones guess. Just look at the clip below and judge for urself how merciless these people can be, if they can treat their own like this, what are the expats to expect?? I mean they are treated as second class citizens anyway.

ABC News Exclusive: Torture Tape Implicates UAE Royal Sheikh - ABC News

God help us investors....

 

[Roshan]

What Dubai needs to do is bring in long term residency rules. The 6 month extendable visa will not work.

Dubai needs to get transparent like how they were in the 80 or 90's. That's what made Dubai.

With uncertainity from all sides, rules changing everyday, how can one expect to jumpstart the economy.

Dubai property will not hit the peaks what it experienced. It will come to realistic levels. With more developers abandoning projects, there could be chances in the very long future that demand would still hold over supply.

Regards

Roshan

 

[Saeid]

I lived in Miami Beach (South Beach) for 6 years. You CAN NOT compare MB to Dubai. Dubai was built on hype alone. Miami Beach is paradise.

 

[paul66]

Miami beach: full of Sex, Drugs and Rock n Roll.

 

[Saeid]

Miami beach: full of Sex, Drugs and Rock n Roll.

Not sure which part of Miami Beach you're talking about. But the parts where i lived there was very little Rock and Roll. LOL