LAKER
Not for one minute am I saying property is cheap in Dubai. it isn't. Renting and buying will require substantial financial commitment but that could also be said of any major city now. Singapore, London, Paris, New York, Hong Kong, Sydney...........
The point is, those like myself who've been here a few years had 3 choices. Stay in Company accommodation, rent or buy. They each have their pro's and con's so we make our choice and accept it. The trough in the property market was there for everyone up to 2 years ago. Some capitalised on that, others didn't. I did buy and it required a substantial deposit. That's my risk along with a friggin big mortgage. Those that rent are subject to the whim of the landlord and the sentiment of the rental market. That too is a risk but doesn't require a deposit and commitment on a buying scale. The final option is the Company. The upside is it's completely free and there's no tie whatsoever. The downside is you live where they tell you to live. Meydan had been talked about for over 3 years. Some people buried their heads in the hope it wouldn't materialise.
Those that are joining today will not be in a position to buy 'a nice big villa in Arabian Ranches'. Neither was I when I joined 12 years ago as a junior F/O with a young family. I can't see many DEP's in their early 30's joining BA, Lufthansa, Delta or wherever expecting to afford similar accommodation to senior Captains in their late 40's, early 50's, can you? I bought my very first house 25 years ago with a mortgage for 3x salary. 15 years ago you needed 6x. Now it's almost 8 with this figure being even higher in London.
There are times when we have to stop blaming the Company for situations that are either not in their direct control or are Worldwide issues. If the new guys don't like what's on offer when they visit, don't join. It really is that simple.
Harry
AC
Just seen your post. Half? Maybe, but with you accommodation for free. I clear $19,000 per month. Line Captain, no training, housing allowance. Unlikely China is making any Provident contributions in that figure too. As for the pollution and traffic..... if you thought Dubai was bad! I know you're a doomsday practitioner on these threads so it's always good sitting on the see saw with you at playtime!
Last edited by harry the cod; 4th Sep 2014 at 10:52.