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sasherwani2
New Member
I can get you ready DSO at 660 if you buy 5 units together (ready in Feb '09)
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PropGuy
New Member
Well, I want to lose dhs 1.5m in Burj Dubai Lake Hotel 1 bed, preferably facing the lake. If you have one, let me know, I've cash.
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Brendan R
New Member
well, the people to blame for the current mess are the promoters/developpers AND the buyers.
walking in the commercial centers, I've always been surprised by all these property developpers using russian girls to sell "dream properties".
How many fools fell for that?
walking in the commercial centers, I've always been surprised by all these property developpers using russian girls to sell "dream properties".
How many fools fell for that?
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georgihh
New Member
Well if you go to Russia I am sure the Russian girls will not only sell you a property.
If you come to Dubai the best you can get is a piece of paper.
And with this paper you can only wipe your …..
If you scored at least you have something to cheer about.
If not, welcome to the defaulters forum and wait for the bright future.
I was also attracted from pictures and tv adds to come to Dubai but never expected to be such a artificial place.
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Hussein Awadh
New Member
The Illuminati are the Decision makers. They had a meeting and realised they needed more funding for their Brainwashed cloning project in their outer space station, so they took the 300 Tril that suddenly went missing in the US.
Funny enough the Tax records in England went missing for 2 weeks straight with no explanation, and just as sudden as they disappeared they reappeared, and the staff was just stupified.
Nasty little Illuminati. We wants it for our seeelvvvesss..
As for who to blame? The fools who bought without a second thought. The fools who were Flipping, raising the prices to such a level that when it fell it fell hard, and the fools who thought, "Oh hey! The Re-sale value is much higher! Let's put the OP at a much higher Value!"
Though I think it's just the fact that banks stopped lending.
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financier888
New Member
clone war
Meantime, in today's Freehold section - there are still tons of listings of units at the old prices - irrespective that there are no buyers for them,, A few (very few) adverts are showing the prices being decreased... which I am sure will change within the next few months once many of the current owners (that are also speculators - ableit 'longer term') - wise-up and realize that this isn't going to magically turn around by March.... or April... or May.... etc
BTW- the cloning program and the brainwashing program are two different and distinct programs, very much here on earth.... (in case you are not watching television 10 hours a day......ugh....)
very interesting times....
Well, the flippers were correct for a few years... With prices dropping 30-50% in less than two months and we're not close to the bottom yet - if YOU were the loan officer and had to decide the amount of the loan based on the value - what would you do? (So that you didn't provide a mortgage that is higher than the property value which started this mess with the sub prime fiasco...) i reckon, you'd be real careful as to not be the one that's approved the loan which may cost you your job! You really cant blame them for pulling back and to wait and see..The Illuminati are the Decision makers. They had a meeting and realised they needed more funding for their Brainwashed cloning project in their outer space station, so they took the 300 Tril that suddenly went missing in the US.
Funny enough the Tax records in England went missing for 2 weeks straight with no explanation, and just as sudden as they disappeared they reappeared, and the staff was just stupified.
Nasty little Illuminati. We wants it for our seeelvvvesss..
As for who to blame? The fools who bought without a second thought. The fools who were Flipping, raising the prices to such a level that when it fell it fell hard, and the fools who thought, "Oh hey! The Re-sale value is much higher! Let's put the OP at a much higher Value!"
Though I think it's just the fact that banks stopped lending.
Meantime, in today's Freehold section - there are still tons of listings of units at the old prices - irrespective that there are no buyers for them,, A few (very few) adverts are showing the prices being decreased... which I am sure will change within the next few months once many of the current owners (that are also speculators - ableit 'longer term') - wise-up and realize that this isn't going to magically turn around by March.... or April... or May.... etc
BTW- the cloning program and the brainwashing program are two different and distinct programs, very much here on earth.... (in case you are not watching television 10 hours a day......ugh....)
very interesting times....
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Hussein Awadh
New Member
What I meant by it's the flippers fault, is that they would buy at OP prices, then sell with a premium, and the next person would sell for a premium and so on so forth, so that when it comes to the last fool who buys it, he can't pay it off if he can't sell it. This drove the prices up, which meant, the loans taken were multiplied into that many number of people who couldn't afford to cash flip it, is what 'caused part of the meltdown.
Right now, as you've said, you have very few distress sales, because, like in the past, once a buyer was found, the seller suddenly wants to raise the price; putting off the buyer. This is also why a lot of people are put off.
Perhaps if you review certain cases for End-Users only, you can give them loans to buy property for their own use? (Sounds a bit complicated but maybe)
First Gulf bank started it off today on Discovery Gardens, with 90% Finance and a minimum salary of 12,000 AED/Month, (And other T&C's) so I see that as a positive move from a bank and a move like that may yet save parts of the market.
1. Only one question remains in my mind;
How on earth did those people get One-Way plane tickets to leave the country with all the loans they had? Shouldn't there be something regulating this?
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No no, I meant the Cloning of brainwashed people in outer-space just before they populate mars!
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Wannaberich
New Member
Isnt it obvious this downturn is all because of what happened in the US?
Otherwise,a healthy correction would have hit Dubai sometime next year and not at the end of last year and in such a dramatic fashion.
Otherwise,a healthy correction would have hit Dubai sometime next year and not at the end of last year and in such a dramatic fashion.
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zombie
New Member
That is because unlike some other GCC countries your personal loans, cards etc are your personal liabilities, the employer has nothing to do with it, also Dubai does not require permit to exit the country(I remember Qatar had this system in the late 90s).
The banks had started doing some verification of Home country address, but don't know how many & till what extent. But it is up to the banks to do the due diligence. & in some cases they have not.
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Investoman_uae
New Member
Whose fault is it?.... How is it gona help to know whose fault it is? .... Its a mixture of factors.... first being the world economy startin with the US mess. Plenty of international factors from there alone.
Then you have our local factors here.... wow its a can of worm this one is.
You have the shares market, the flippers, greedy developers, money laundring, corruption, banks lending silly LTVs at 95% etc.... lack of regulation turned the market into a zoo.... i mean if you went to one of the Cityscapes.... not the last one. .. the ones before that..... you would kno wat am talkin about.
Property was turning into a product which is meant papers changing hands with no one having the intention to live in it.
Thats exactly what messes up the market..... the whole point of property is... look, its simple..... we build because people need to live somewhere..... were those people who bought had the intention to live in them? NO. Did they even have the intention to rent them out once completed? NO... I can accept investor landlords.... wantin to buy properties to let.
Anyway, lets hang in there... cos this market is goin to test us even more.... and test our patience even more.
Inv.
Then you have our local factors here.... wow its a can of worm this one is.
You have the shares market, the flippers, greedy developers, money laundring, corruption, banks lending silly LTVs at 95% etc.... lack of regulation turned the market into a zoo.... i mean if you went to one of the Cityscapes.... not the last one. .. the ones before that..... you would kno wat am talkin about.
Property was turning into a product which is meant papers changing hands with no one having the intention to live in it.
Thats exactly what messes up the market..... the whole point of property is... look, its simple..... we build because people need to live somewhere..... were those people who bought had the intention to live in them? NO. Did they even have the intention to rent them out once completed? NO... I can accept investor landlords.... wantin to buy properties to let.
Anyway, lets hang in there... cos this market is goin to test us even more.... and test our patience even more.
Inv.
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Investy
Senior Member
I warned Dubai investors from 2006 on this forum they would get burned and all I ever got was - "why are you on this thread if all you want to do is spread worry"?
I was trying to help.
The problem was no one wanted to hear me, because crowds are like that, they ignore the lone voice in the corner.
Ive lost money myself in the past so I know how it feels, and it is'nt nice, but life goes on.
If you want to see capital growth youre going to need to stick this out for the long term. Renting out as I always said will be a challenge as too many properties were bought by investors.
Best of luck to you all
And dont forget, as I said back ion 2006, MOROCCO is a much better bet, especially Saidia with the largest marina in the med just 3 hours from London.
I was trying to help.
The problem was no one wanted to hear me, because crowds are like that, they ignore the lone voice in the corner.
Ive lost money myself in the past so I know how it feels, and it is'nt nice, but life goes on.
If you want to see capital growth youre going to need to stick this out for the long term. Renting out as I always said will be a challenge as too many properties were bought by investors.
Best of luck to you all
And dont forget, as I said back ion 2006, MOROCCO is a much better bet, especially Saidia with the largest marina in the med just 3 hours from London.
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Wannaberich
New Member
Well done Investy,it seems you forcasted the worldwide credit crunch when 99% of the world including many experts didnt.
You could charge a fortune for your expertise.
You could charge a fortune for your expertise.
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MASHH
New Member
honestly investy if i was a moderator and you said this in 2006 i wouldve kicked u from this forum... every place in the world is effected expect for couple of countries like KSA so dont get all smart at us now and i do agree with dobuy
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georgihh
New Member
The big guys knew it and they cashed up when was the right time.
Nothing is unpredictable in this world
The bottom line is that the rich is going to be richer and will control the world.
To predict such a thing you need to know the facts or you should have the lucky feeling.
Looks like, in this forum, nobody knows anything.
If you know some facts, please tell us, if you don’t know let it go
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Hussein Awadh
New Member
I'm afraid I'm going to have to agree with that. It seems all too convenient that this economic crisis happened for some people...
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samsaf
New Member
I've checked your earlier postings in 2006, and I would have loved to find your post which you warned people against this... but I could not find it..
Give us the link, if you don't mind...
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PropGuy
New Member
One of the post is here but it is 2008 http://www.propertyforum.com/forum/dubai-property/6060-looking-villa.htmlI've checked your earlier postings in 2006, and I would have loved to find your post which you warned people against this... but I could not find it..
Give us the link, if you don't mind...
He is pro-Morocco property market and tells people to invest in there.
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Wannaberich
New Member
Basically there would have been some people predicting a crash in Dubai real estate back in 2006.With the prices rising so fast,plus with so many buildings going up and being launched,
its not surprising many would think its just too much and unsustainable.People like Investy.
However,no-one including Investy predicted the Dubai market would crash as a result of a sub-prime crisis in the US which would then impact on the worlds economies including Dubais.
Anyone who says they saw it coming is talking crap.
its not surprising many would think its just too much and unsustainable.People like Investy.
However,no-one including Investy predicted the Dubai market would crash as a result of a sub-prime crisis in the US which would then impact on the worlds economies including Dubais.
Anyone who says they saw it coming is talking crap.
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PropGuy
New Member
Thats true but it is not like properties in Morocco have not been hit
It is very difficult to sell property in Morocco now for anyone who bought in 2008. I
Investy
Senior Member
I came from a website called housepricecrash.co.uk.
We were openly discussing the 'Comming credit crunch', and used exactly that language.
It wasn't down to me, I'm no expert, no the main protagonist is called Dr Bubb, and indeed he is a rising celebrity.
I used to argue Dr Bubb was too extreme. for example; When he did a post in early 2007 inviting us to remember those poor souls from the 1930s depression and how it was what Americans and others had to look forward to just around the corner.
To be honest I don't have the time to dig up my posts from the forum here. I have nothing to prove,. and I too have lost some money, but it always a,azed me none of the Dubai investors wanted me on thier patch, pegion holing me some sort of negative influence.
We've learned an important life lesson here, and this is not to follow crowds (that was my argument here in 06/07 - to stop follwing crowds and think for yourseleves).
Another boom will emmerge somewhere quite soon, but the point is to get there first and not tag along at the end.
We were openly discussing the 'Comming credit crunch', and used exactly that language.
It wasn't down to me, I'm no expert, no the main protagonist is called Dr Bubb, and indeed he is a rising celebrity.
I used to argue Dr Bubb was too extreme. for example; When he did a post in early 2007 inviting us to remember those poor souls from the 1930s depression and how it was what Americans and others had to look forward to just around the corner.
To be honest I don't have the time to dig up my posts from the forum here. I have nothing to prove,. and I too have lost some money, but it always a,azed me none of the Dubai investors wanted me on thier patch, pegion holing me some sort of negative influence.
We've learned an important life lesson here, and this is not to follow crowds (that was my argument here in 06/07 - to stop follwing crowds and think for yourseleves).
Another boom will emmerge somewhere quite soon, but the point is to get there first and not tag along at the end.
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