Goodbye Dubai, was it really a good buy?

Burj Dubai in October 2008

Skyscrapers & business cycles
viewtopic.php?f=19&t=12745& … php?page=2

This is going to be a bloodbath… Westerners can’t afford to pay and oil dropping… no real industry and 80% foreign population…even waiters trying to sell property.
‘The rules are different for us’ classic quote…it’s going to get nasty.

I read a couple of very bearish pullout sections in the FT last week that more or less said that Abu Dhabi was going to end up owning Dubai.

This is not Dubai’s only problem, their oil output has been declining over the last few years

i see the adverts for the new cities in qatar and dubai, but how in gods name do they fill these huge skyscrapers up?

who works in 'em and where do they live and where did they come from and what do they do?

it baffles me

Commercial real estate companies, building supply companies, construction management companies, worker recruitment companies… do you think the ancient Egyptians knew what they were doing when their buried their pharoah/gods in pyramids?

sounds like ireland

so they are as fooked as us? those damn pyramids…(schemes)…

I work with some Pakistanis who have bought investment properties there, guaranteed rent etc. It’s their pension plan.
Al ot of Indians also work there on construction and services.
I think the attraction is based on the “Shanghai, Mumbai, Dubai or goodbye” fallacy.

More bad news from Dubai:

Property prices on Palm Jebel Ali fall by up to 40%

From … … li-fall-40

More news here: … tal-prices

who would have thunk it

property also goes down…

Dubai more bubblicous than dublin???

Ireland has been Cancelled .

"‘Island of Ireland’ Dubai

The sale of the properties on this project is currently on hold."

How sad !

So what is going to happen to all these “investors” who bought from the developers in May 2007?

IRISH property developers have sold more than €100m worth of luxury accommodation in just two days on Dubai’s own Ireland in the sun .
From the skies the €200m luxury island holiday resort has the shape of Ireland and is being built with an Irish theme, right down to its own Giant’s Causeway.

From: … 69102.html

What were they smoking??? :open_mouth:

At the end of this interview Mark Faber is very bearish on Dubai property. … an-stocks/

Squeaky bum time

Dubai residential slumps > 15% year on year, asking prices at 2008 again