Is the Dubai property market falling apart or finding a level?

[financier888]

Guys don’t change the subject. Cheap labour has always been in Dubai - nothing new.
The problem is the government is still charging enormous taxes and they do nothing to stop the collapse.
I have the feeling that they think people will stay in Dubai and keep on losing money just for fun.
I heard 40 billion $ are available immediately from AD if this is YES, than thinks might change.
There is no Money in Dubai and a huge injection is a must
We are all on the losing side - one way or other, so let’s something happen

How would you propose the UAE gov't 'stop the collapse' ? considering they did not start nor initiate it? The 'global' collpase and the economies it effected - from India, Pakistan, Russia, Uk...ad infinitum... - THOSE economies need to rebound - THOSE economies where the buyers are coming from ! and YES, AD has the $40 bil available for Dubai...

I think the UAE govt is taking the right steps - such as scaling back projects and in some cases - cancelling them - thus reducing projected supplies to help stabilize the market. In addition, they are proceeding with the infrastrcuture - which are often the first projects to be shelved during these kinds of crisis.. They are insitituting new laws and regs - especially for developers albeit many may consider it 'too little - too late' - but as been previsoulsy stated - this global crash happened very, very quickly... which country was prepared for it? do you know one?

What would you propose the govt do? - use money in the coffers to go and buy units to increase demand and prices? (actually - the govt does own many of the units and plots through govt linked companies....! )

Emirates airlines are slashing fares over the next 60 days to try to bring tourists / visitors... You can fly roundtrip from Singapore to Dubai and many locations in Asia for US $200! Round trip..! - govt owned airline....

I feel they are doing quite a bit to boost investor confidence under the circumstances but with over 90% of the buyers coming from abroad - we need to look at those economies and the general state of global conditions before you will see the desired results....

However, there is one issue that the govt can re-address that will help - and this is the visa issue and I am sure in the coming months leading-up to Oct - you will see some positive changes...

Insofar as RERA goes - well, of course they could be operating better and faster but are simply overwhelmd and they lacked the proper legislation and mechanisms for enforcement... it's evolving..... and they take it very seriously.. it takes time...

The Labour issues and abuses? look to the recruiters that promote families into going into debt = making unrealistic promises and then cheating them and pocketing their money.. It is their own people that treat them poorly - cutting corners and playing every angle to stuff their pockets with the spoils... It's not he Ministry of Manpower !!! Did you think, that there is an Emirati travelling the Indian countryside recruiting labour making unrealistic promises???? The agency in the country takes a huge a cut as well as the agent that reps the company taking his cut - then the camp mangager tries to cut corners out of the operating budget so he can line his pockets... and where is the camp manager from? you guessed it.... I know an expat working in the oil & gas industry - they caught the Asian chap that was supposed to look after them - re- filling-empty water bottles from the tap! and pocketing the money allocated for their bottled water !!! If there is any angle - they will find and exlpoit it... Look to the companys / contractors - to be accountable - NOT THE GOVT - they certainly cannot be expected to go live at the camps and monitor them 24 X 7 !!!!

Pointing fingers and playing the 'victim' - will keep you the 'victim' - that's not to say that some of these developers need to brought to accountability -they most surely do - but that's where investors getting properly organized and presenting the authorities with facts so justice can move swifter ... and then, if there is no satisifaction - yes, you've made the case...

I know so many people in Dubai that made tons of money and when the marketing was booming - it was the best place on earth... Then - the global crash - and they took a hit - (and let's be honest - it was a gamble from the start... to many...) they start crying, whining and blaming the govt! Any investment has a risk / reward factor - and s**t happens... No one forced you to write the check - neither at gun or sword point - so - deal with it. If it was about 100% security - you should keep your money in a savings account or under your mattress.... and take responsibility for your choices...

 

[ghazwan]

There is no Money in Dubai ..... There is no Money in Dubai
The country waiting for the monthly subscribtions from foriegn investors ... this is the only things can help thier prob

 

[financier888]

There is no Money in Dubai ..... There is no Money in Dubai
The country waiting for the monthly subscribtions from foriegn investors ... this is the only things can help thier prob

There is no MONEY in the world ! There is no Money in the world !
respectfully, TRILLIONS have been wiped out of the global cash flow - Businesses are wayyyyyyyyyy down - if they are still in business... no one has cash and even if they do - they are not spending... countries like China & KSA and fortunatley - AD - have substantial cash reserves .. the rest ? ..... sure, the USA has the printing presses rolling around the clock but let's see what that will be worth in 2011..... when the T-bills come due... Even though many banks may be flush with cash - banks are NOT aggressively lending - they are still recovering from PSD - 'post traumatic stress' Dubai and UAE ARE more better-off than most..

because the bottom has fell out does not mean the sky is falling...

 

[Sole Dubai]

Rera to introduce online progress reports

Real Estate Regulatory Agency (Rera) will introduce an online progress monitoring report that will be updated monthly in a bid to calm investor sentiments on project cancellations Dubai.


"Starting from next week, for any Rera-approved project, there will be an independent progress monitoring report, which investors can access online and see the progress of their projects," said Marwan bin Ghalita, CEO of Rera. "This is a monthly report for every project in Dubai. It is costly for us, but we cannot compromise on transparency and trust of Dubai. That is why we are taking this step and collecting all information."


He advised people to not fall prey to false information on blogs, saying, 'Just go to our website and get the information you want'.


For the projects that are missing from the list, Ghalita asked investors to write to them and within 15 days the agency would ensure the project details are uploaded.


According to Ghalita, the agency has seen a sharp decline in the number of developers, which came down from about 870 when Rera was established in 2006, to 427 to date. "When we started Rera, we had more than 870 developers; today we have only 427 developers."


Ghalita said while some people have come and asked to be removed from the list as they are not launching any project, some merged their companies under one name and yet others were registered as developers but do not find the project feasible so they have asked for their names to be removed.


He said: "The reduction is a good sign for me as a regulator because we can give the market the required number of units. We, as a responsible body, will control the supply coming into the city in consultation with other authorities. However, our part will be heard strongly from now."


According to Rera statistics, 29,319 residential units were delivered in 2008, with 31,003 and 43,880 units set to enter the market in 2009 and 2010. A majority of the about 62,122 residential units were scheduled to be delivered by Emaar, Nakheel and Dubai Holdings' real estate companies between 2008 and 2011. However, the agency's studies and research section has identified 20 per cent of residential units in 2009 may not enter the market on time, while 40 per cent of 2010 residential units may be delayed.


"We will see on an average 29,000 to 30,000 residential units being delivered every year," Ghalita said.


Rera statistics reveal that of the 875 projects registered with it, 695 have escrow accounts. The agency has worked out a strategy for these projects by dividing them in four quarters – assuming 25 per cent get cancelled, 25 per cent get consolidated, 25 per cent get rescheduled and 25 per cent get completed on time.


"We believe 25 per cent of the projects will be cancelled as developers did not start them or don't have an intention to begin. Another 25 per cent will be consolidated, as developers will move investors from one project to another. Though we have given them the green signal, they need to get investors' approval, who reserve the right to move or not to move to another project.


"The other 25 per cent may be rescheduled based on the contract between contractors and developers. However, owners will be informed of such moves. And the last 25 per cent, we expect to be completed on time and those will be the ones that will have collated for our unit supply for 2009 and 2010," Ghalita said.


Asked if Rera was looking to take action against master developers for failing to meet their commitments, Ghalita said Rera was working side-by-side with master developers. "That is why they are consolidating and have stopped increasing service charges. When the market was shifted from the Land Department, it was chaos, but now everything is back to normal. When the market is booming, people make mistakes, now is the time for re-planning and putting things in place," he said.


Reiterating the need for investors' to register their units with the Dubai Land Department, Ghalita said Law No 13 of 2008 regulating the interim real estate register had it mandatory for people to register their units with the department. "One of the problems that we are facing is people are not coming to register their rights with us. It is the ultimate guarantee for them. People earlier used to trade without registering their rights. Today, most complainants want money back and we are here trying to solve their disputes."


According to Mohammed Sultan Thani, Assistant Director-General of Dubai Land Department, the department is busy rescheduling payment for investors.


A Dubai Land Department official had told Emirates Business earlier the decision of any extension or rescheduling would be taken on a case-to-case basis and a "reasonable" time would be granted to buyers for arranging the money. Moreover, the department is also finalising the regulation aspects of laws introduced – such as Law No 7 of 2006 concerning land registration, Law No 13 regulating the interim real estate registration and Law No 14 of 2008 on mortgages.


"Three years back they were busy flipping property, but now they are looking for protection," Ghalita said.



Revised rental index likely


A revised rental index is likely to be released in April, Ghalita said.


"People have just started registering on ejari website with us and from the ejari software we will know how much have rents dropped," he added.


Rera's first index was based on the market study, taking into account the rents for second half of 2008. Hence, it is now working to get a more realistic figure through the online system



Cancellations


Rera has already cancelled two projects and has received 27 applications for project cancellations.


"We will come to know the exact number of cancellations next week. Right now I have application of 27 projects that need to be cancelled with me," Ghalita said.


According to Rera chief, the process of project cancellation is a tedious one, whereby the agency has to announce the names in media for at least 10 days to protect the rights of the investor.


"A developer cannot cancel from his own side. There is a process that needs to be followed. He [developer] has to apply to the master developer and Rera for cancellation," Ghalita said.



Land Sales price stable


The average land sales price in Dubai has remained stable in the first two months of 2009 compared to same period last year, said Mohammed Sultan Thani, Assistant Director-General of Dubai Land Department, yesterday.


"The number of transactions have gone up by 200 per cent to 5,400 from 1,775, while the average land price fell to Dh1,373 from Dh1,375 in the first two months compared to same period last year," he said.


Total value of real estate transactions so far this year dropped by 45 per cent to Dh14.7 billion from Dh26 billion.


Of this land sales dropped 40 per cent from Dh12bn to Dh7.7bn, while mortgages fell 65 per cent from Dh13.5bn to Dh4.6bn.


The total value of transactions recorded by DLD during 2008 reached Dh280bn, corresponding to a growth rate of 59 per cent compared to 2007, which witnessed 184 per cent growth in comparison to 2006.

 

[financier888]

New Visa law coming for Freehold owners...

New visa law 'soon' for Dubai property buyers - Real Estate - ArabianBusiness.com

As I mentioned 2 days ago - new a visa law is in the works - expect to see it before Cityscape Dubai.... above is the official announcment....

 

[georgihh]

New visa law 'soon' for Dubai property buyers - Real Estate - ArabianBusiness.com

As I mentioned 2 days ago - new a visa law is in the works - expect to see it before Cityscape Dubai.... above is the official announcment....

I don’t agree with you. They lost the momentum and they lost it big time.
When the construction boom was happening and the money pouring to Dubai as never seen before, they should have concentrated on manufacturing and businesses not related to speculation. They wanted and want to be like London - no chance, not In a million years.
And the nonsense with four million population in Dubai by 2015 – what a joke
Dubai is Ok with one million anything more than that becomes disaster.
Financial crisis was created from the people ruling the world and the Arabs believe they are more than everybody – now they are learning the lesson, and sooner they learn it better as I will not be surprised if Emiratis goes to India in couple of years and looks for cheap labour .
The game is over, Dubai has been found out and the damage is huge.
Who wants to come to Dubai and pay enormous taxes – not many?
Ok they need to generate budget – start production, open the country to the people, give the freedom to everyone.
Having hundreds of towers means nothing

 

[Sole Dubai]

Not trying to be like London

Dubai is not trying to be like London it has taken inspiration from across the globe and most of the engineers, projects managers, architects, quantity surveyors, accountants, and designers are from the UK, US, Europe, Australia, Japan, Singapore etc. That is where dubai has had it's influence regarding some genre and styling! I believe it to be very unique and very different from any other city in the world. It can never be like London, Hong Kong or Manhattan which many dvds and brochures have discribed the finished product to resemble.

Unfortunately for the misled and uninformed they were caught up in the bubble which has violently burst, reflecting an image synonymous with most major cities all over the globe. Pictures of people losing jobs, going back to basics, losing the homes and livelihoods. Companies going bust and many people going to prison for acts of desperation or irregularities being uncovered by the storm.

The truth is Dubai has done well to get this far and if it is to recover and grow from here on they really need to change their policies regarding, confidence, security, transparency and lack of informed government officials with a standard law and understanding of the same law. What you will find is a different interpretation of the same law with each different official, followed by a different implimentation and execution of the law. This then causing confusion and lack of confidence in Rera, Land Department, Rental Committee, Property Dispute Court and the Local Law Enforcement (police). My company was swindled out of millions by a rogue developer and nothing was done by any of the above mentioned authorities despite clear evidence of misappropriated funds in the developers case. The CEO is finally behind bars however if the correct course of action had been followed 14 months earlier I would have stood a chance of getting my funds back. However we were passed around from department to department without the authorities having any idea as to what their responsibilities were or their colleagues responsibilities.

This matter was even brought before the CEO of Rera who vowed to resolve the issue if a written request was submitted. Eagerly we submitted the written request the same morning of January 15 and am currently still awaiting a written response from Rera. If this is the treatment being received from the Real Estate Regulatory Agency, The Land Department and the Police. How can we expect the developers to be more cooporative regarding investments made. Despite following up the issue with the Authorities nothing has been done and a narration of how they have hundreds of similar cases is brought up by each different official we face. Even after months of pushing the very individuals (government officials) responsible for handling the issues; they are surprised when I confirm that the matter is not yet resolved! How can you be surprised, when you're responsible for resolving the matter and you have failed to enforce the very law you implimented.

Dubai is an amazing place and if they are to see the good times again they really need to revise Customer Care, Relations and adopt a sense of urgency.

I love Dubai

 

[Mikerux8]

i think it is finding a level..
to an extent i can make some good money out of my investment

 

[baba toto]

i think it is finding a level..
to an extent i can make some good money out of my investment

Hi Mikerux8

What did you invest in and how much did you pay and when?

 

[Sole Dubai]

The Arabs?

As a young educated blackman I have grown up with racism and despise the use of ethnic identity when referring to an individual or a collective group of people. To quote someone below " the arabs believe they are better than anyone". I despise the attrocities that have been committed by some people in Dubai and some of those people have been Emiratis. What you need to remember is the very people heading this frontier are all expats, British, American, German, Australian, South African, Lebanese, Syrian, Japanese, Korean, Chinese etc.. and this is just to mention a few. Most of this people created the problems Dubai is facing today, and some stood by and watched in silence and did nothing until it was too late. The Majority of people in Dubai speak English, have you ever wondered why that is?

Yes I agree that having towers unoccupied does not make business sense, however Dubai is working very hard to diversify it's economic drivers away from Oil dependancy and the real estate market. The tourism sector is very solid in Dubai with the hotel across the way from my lovely apartment running at a 100% occupancy rate 365 days a year. Booking well in advance is your only hope of securing a room and when a cancellation is made there is a waiting list for any cancellations longer than any bad list you could put on paper as to what is wrong with Dubai. My answer to you is this, the speculators who caused this mess have all but disappeared and hopefully not to be seen again. What we have been left with is a good base to rebuild a stronger real estate market with professional qualified individuals heading up the push for better times again. Call me optimistic, dilusional or stupid you're entitled to your opinion. However I am doing a lot more than most out there! I am not getting involved in this witch hunter of Dubai and taking a different stance in support of the efforts being made by this hospitable and simple people.

I have established long standing relations with several Emiratis who have gone out of their way to make me feel welcome. They share the concerns as we all do regarding the current situation of this beautiful city. They also have something most people do not see. They are proud, proud of the achievements of Dubai in such a short space of time. Proud of the government for implementing laws that have made Dubai a multi cultural community just as diverse as London but a hundred times safer. Do I feel safe in Dubai? Yes I do and I can safely say the thought of being mugged while walking down the street late at night has never ever crossed my mind in the past 4 years. I have witnessed individuals come to Dubai penniless and become millionaires within months. I have also winessed some of them lose it all, due to greed and their financial blue print not being altered to handle such money.

So if you're looking lay blame on anyone do not blame Dubai.. be more specific blame GREED! Blame the people that came to Dubai with only one aim, to get rich. To take advantage of the opportunities available to everyone. These people conducted business in such a manner that is immoral and unethical as they were here for a short space of time! Due to this fact they were not interested in establishing long standing business relationships. Blame some of the Emiratis who got involved in this practice or stood by and did nothing to stop it. I can only speak of my own experience, it doesn't make it wrong and it doesn't make it right! It is my experience.

 

[financier888]

As a young educated blackman I have grown up with racism and despise the use of ethnic identity when referring to an individual or a collective group of people. To quote someone below " the arabs believe they are better than anyone". I despise the attrocities that have been committed by some people in Dubai and some of those people have been Emiratis. What you need to remember is the very people heading this frontier are all expats, British, American, German, Australian, South African, Lebanese, Syrian, Japanese, Korean, Chinese etc.. and this is just to mention a few. Most of this people created the problems Dubai is facing today, and some stood by and watched in silence and did nothing until it was too late. The Majority of people in Dubai speak English, have you ever wondered why that is?

Yes I agree that having towers unoccupied does not make business sense, however Dubai is working very hard to diversify it's economic drivers away from Oil dependancy and the real estate market. The tourism sector is very solid in Dubai with the hotel across the way from my lovely apartment running at a 100% occupancy rate 365 days a year. Booking well in advance is your only hope of securing a room and when a cancellation is made there is a waiting list for any cancellations longer than any bad list you could put on paper as to what is wrong with Dubai. My answer to you is this, the speculators who caused this mess have all but disappeared and hopefully not to be seen again. What we have been left with is a good base to rebuild a stronger real estate market with professional qualified individuals heading up the push for better times again. Call me optimistic, dilusional or stupid you're entitled to your opinion. However I am doing a lot more than most out there! I am not getting involved in this witch hunter of Dubai and taking a different stance in support of the efforts being made by this hospitable and simple people.

I have established long standing relations with several Emiratis who have gone out of their way to make me feel welcome. They share the concerns as we all do regarding the current situation of this beautiful city. They also have something most people do not see. They are proud, proud of the achievements of Dubai in such a short space of time. Proud of the government for implementing laws that have made Dubai a multi cultural community just as diverse as London but a hundred times safer. Do I feel safe in Dubai? Yes I do and I can safely say the thought of being mugged while walking down the street late at night has never ever crossed my mind in the past 4 years. I have witnessed individuals come to Dubai penniless and become millionaires within months. I have also winessed some of them lose it all, due to greed and their financial blue print not being altered to handle such money.

So if you're looking lay blame on anyone do not blame Dubai.. be more specific blame GREED! Blame the people that came to Dubai with only one aim, to get rich. To take advantage of the opportunities available to everyone. These people conducted business in such a manner that is immoral and unethical as they were here for a short space of time! Due to this fact they were not interested in establishing long standing business relationships. Blame some of the Emiratis who got involved in this practice or stood by and did nothing to stop it. I can only speak of my own experience, it doesn't make it wrong and it doesn't make it right! It is my experience.

I agree with your sentiments with one exception - the language that is most widely spoken in Dubai in URDU! Even amongst arabic speaking expats.(although , yes, most speak English as it a largely trading and tourism hub.)

Secondly, although of course, the large govt linked founders & senior management (board level ) are Emirati's - the expats you referenced -work for them! Most of the smaller developers are from India and Pakistan - which you have left out of your list..

In conclusion - yes, by all means, the govt could have acted quickly and been more proactive in enforcing the laws the enacted to protect investors

 

[paul66]

'This is our Dubai, whats yours?' Ad Campaign launched to target UK and Ireland

15/MAY/2009

'This is our Dubai, whats yours?' Ad Campaign launched to target UK and Ireland

Braving the global recession, Dubai has launched a massive advertising and marketing campaign in the UK and Ireland, revealed officials of the Dubai Department of Tourism and Commerce Marketing (DTCM)Dubai Department of Tourism and Commerce Marketing (DTCM).

The intention is to increase tourism traffic to Dubai during the Dubai Summer Surprises period from June 11 to August 14. Tourism is one of Dubai's most important sectors. It contributes directly towards 19 per cent of the emirate's gross domestic product.

However, industry experts believe that combined with the retail activity that Dubai encourages by means of various festivals and special promotions, this contributing figure could be as high as 30 per cent.

"We are constantly devising special advertising campaigns specific to the region and with a global approach. This campaign in the UK and Ireland is specific to that region, while we are working on an all-new global campaign to be launched very soon," said Eyad Abdul Rehman, a senior official at DTCM.

DTCM is very busy in organising everything and will be announcing the new global campaign sometime next week," said Rehman. He added that the department is finalising the finer details of the campaign and already in discussions with other involved parties including Emirates airline.

Dubai has been consistently increasing its dependence on retail and developing this sector with multi-million dollar investments in infrastructure and hotels in every category. Dubai's intention is to attract 10 million visitors by 2010 and increase the number to 15 million by 2015, which will be twice as many as there were in 2007.

Officials did not share the cost of the campaign, but considering it will be covering all the media platforms including print, electronic and outdoors, industry experts define it as a "multi-million dollar campaign".

Dubai has also been affected by the global economic recession, but figures according to the Dubai Tourism Board convey that the emirate is being resilient to the global gloom.

The first quarter of 2009 actually saw an increase of five per cent in tourism flow when compared to the same period last year. Hotels have recorded decline in occupancy and are offering discounts on room rates, but Khalid bin Sulayem, Director of the Dubai Tourism Board, stated during the recently concluded Arabian Travel Market that "the tourism industry is healthy and strong".

The UK remained the top source market for Dubai tourism industry in the first quarter of the year, followed by Iran, India, the United States, Saudi Arabia, Germany, Russia, Pakistan, France and Kuwait - same as the first quarter of 2008.

The campaign specifically aimed at the UK and Ireland markets has been created by London-based agencies Initiative and IM London (formerly Independent Marketing). The campaign, which is to be predominantly in print and digital media, sees an increase of 40 per cent on last year's advertising spend and runs alongside the existing public relations campaign that is managed by The Communication Group plc, reported UK media.

The campaign makes an emotional approach with the slogan "This is our Dubai, what's yours?" and the identification of distinct target market segments including couples, active men, pampered women and premium families. The campaign is to last 12 months.

"This is a regional campaign for the UK and Ireland, but in addition to our regional efforts, we also devise unified global campaigns and in the weeks to come we will be disclosing details of our new international campaign," said Rehman of DTCM.

Manisha Vora,
TigerZilla Properties (UAE)

 

[Brendan R]

funny, who wants to be in Dubai during the summer months? You can't go out. It's scorching.

Regarding shopping, long gone are the days when Dubai was an interesting place to shop. Prices are now 50% higher than mainstreet UK. Shopping in Dubai back in 2000 was great, now it's a myth. Tax free shopping is a myth. If you go, check the price of items in the UK and compare them to what you see in the malls, you will be shocked!

Regarding targeting the UK market, good luck. The UK is broke and so are its people. Don't count on Brits this time. We're in deep trouble ourselves.

It's funny how one country with failed business models expect they will save one another. Funny how in Britain people hope the rich Arabs will come and save the property market. Funny how Dubai hope the poor Brits will come and save their retail business.

Exceptionally doomed both ways.

 

[paul66]

Thank you Mr Doom and Gloom ... So erm, are you predicting the end of the world now this year or next?

 

[Brendan R]

Thank you Mr Doom and Gloom ... So erm, are you predicting the end of the world now this year or next?

not predicting the end of the world, predicting the end of these doomed business models purely relying on debt and consumption.

It's back to work, the dream is over. Work hard and save and start building a life. Get rich quickly shortcuts are a thing of the past. Yes, it hurts, but it's true.

Not everybody can live in the sun, not everybody can be holiday all the time living on the back of rents resulting from BTL, not everybody is Beckham. reality is reasserting itself.

wake up, eat your english breakfast
go to your 9 to 5 work if you have one
Head for the pub for a few pints
put on the slippers
watch eastenders
eat a box of beans and two sausages
turn on sky to watch the footy

sometimes watch James Bond and start dreaming
every 4 year watch the world cup and get disappointed

yes dude, that's what life is about for the majority in the UK, and it's not going to get better

 

[PropGuy]

predicting the end of these doomed business models purely relying on debt and consumption.

LOL it is not over yet. I see another super-cycle starting that could peek in 6-to-9 years.

 

[Brendan R]

LOL it is not over yet. I see another super-cycle starting that could peek in 6-to-9 years.

LOL, some people around me predict the same, funny enough either they are heavily in debt or missed the previous cycles and don't have a single dollar set aside. They are in self denial and have PHDs in wishful thinking. When they open a bottle of Perrier, they think it's champagne

 

[PropGuy]

LOL, some people around me predict the same, funny enough either they are heavily in debt or missed the previous cycles and don't have a single dollar set aside. They are in self denial and have PHDs in wishful thinking. When they open a bottle of Perrier, they think it's champagne

LOL people were saying similar things when dot com bubble burst in 2000, it was not the end of the world. But when market is going up most people think it will not come down and when the market is going down they think it will not go up; they become doomy and gloomy

 

[Brendan R]

LOL people were saying similar things when dot com bubble burst in 2000, it was not the end of the world. But when market is going up most people think it will not come down and when the market is going down they think it will not go up; they become doomy and gloomy

to my knowledge, the nasdaq is still way below its peak, like the nikkei is far far away from its high of 39000 15 years ago.

Good luck if you think you have picked the bottom but don't expect new highs before a long long time

 

[PropGuy]

Where did I say picking a bottom. I said when market goes up it comes down, and when market goes down it comes up too. It doesn't has to go down as much as previous bottom or come up as previous peak, however, that doesn't change the fact that markets are cyclical.