Dubai's Palm Jumeirah sees prices fall over 40 pc as crunch moves in
Join Date: Jul 2000
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Flying Croc - you're spouting garbage (as usual)... Most properties in the Marina, JLT, Greens, Lakes, Meadows, Int'l City, Discovery Gardens (I'll stop here but could go on) are occupied.. The exception is JBR 'cos it's a ghetto..
50% depreciation on property??? Mine have appreciated as have most...
$45 a barrel - still good money for the Gulf states....
55,000 dhms a month rent in the dustbowl - many pay it. I'm sure that if they really didn't want to pay that they'd have gotten a job elsewhere..
$ plunging - last I looked it was going up and up, especially against sterling and euro....
50% depreciation on property??? Mine have appreciated as have most...
$45 a barrel - still good money for the Gulf states....
55,000 dhms a month rent in the dustbowl - many pay it. I'm sure that if they really didn't want to pay that they'd have gotten a job elsewhere..
$ plunging - last I looked it was going up and up, especially against sterling and euro....
Join Date: Nov 2003
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Got to agree with White Knight.
Fundamentals in the UAE still strong for the long term.
Low oil price is going to be short lived. In fact the longer the price of oil stays below $50,the higher the price is going to spike inthe future. Oil below $50 is not in anyone's interest in the long term.
The housing market is definately correcting and there are not a lot of sales at present. But this is because people are just sitting back and assessing at present as there is fear in the market.Also there are lots of speculators who need to unwind their positions.However, the rental market is still strong which bodes well for the future of the real estate market in the long term.
Contrary to what many economists believe, the US dollar still has a lot of life in it. The recent financial crisis has just proven that fact. The US dollar has strengthened significantly which just shows that most investors still see it the reserve currency. Sure, there are structural problems with US economy but Europe has just as many problems.In fact the US economy might even progress out of the recession quicker than Europe.
Bottom line is that we do have problems in the UAE economy but we will see them through.At the end of the day Emirates is still one of the the best jobs in the industry and no, Dubai will not go bankcrupt.
If you feel otherwise ,than I suggest you immediately start looking elsewhere for a job instead of wasting time on pprune.
Fundamentals in the UAE still strong for the long term.
Low oil price is going to be short lived. In fact the longer the price of oil stays below $50,the higher the price is going to spike inthe future. Oil below $50 is not in anyone's interest in the long term.
The housing market is definately correcting and there are not a lot of sales at present. But this is because people are just sitting back and assessing at present as there is fear in the market.Also there are lots of speculators who need to unwind their positions.However, the rental market is still strong which bodes well for the future of the real estate market in the long term.
Contrary to what many economists believe, the US dollar still has a lot of life in it. The recent financial crisis has just proven that fact. The US dollar has strengthened significantly which just shows that most investors still see it the reserve currency. Sure, there are structural problems with US economy but Europe has just as many problems.In fact the US economy might even progress out of the recession quicker than Europe.
Bottom line is that we do have problems in the UAE economy but we will see them through.At the end of the day Emirates is still one of the the best jobs in the industry and no, Dubai will not go bankcrupt.
If you feel otherwise ,than I suggest you immediately start looking elsewhere for a job instead of wasting time on pprune.
Join Date: Jan 2007
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Well , have been helping a friend find a property to rent here for the last month. I have been out to Discovery gardens and others and they are no where near fully occupied. In addition the rentals have dropped Dhs 10000 a year in just two weeks. You can say what you like , there is a a bursting bubble.
I think we will see the pendulum swing the other way , as greedy landlords will struggle to find tennants who renew at last years rentals. The tennants wil actually be in a position to bargain for a lower rent. As they will have choices. Serves them right. Greed Greed Greed.
As for trying to sell in this market , good luck. This market was never established on sound principles and was driven by greed.
I think we will see the pendulum swing the other way , as greedy landlords will struggle to find tennants who renew at last years rentals. The tennants wil actually be in a position to bargain for a lower rent. As they will have choices. Serves them right. Greed Greed Greed.
As for trying to sell in this market , good luck. This market was never established on sound principles and was driven by greed.
Join Date: Sep 2004
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Yes it is all greed
And what a joke last year with the oil price so high. It was all engineered by the same crooks that keep it now low to destroy the economy in the Gulf. And no, the economy will not improve in the US anytime soon and the dollar will most likely plunge next year. I will however take advantage of the good exchange rate now. And good for you White Knight if your property has increased in value, and believe me I wish everyone a good fortune with their investment. However, 55000 DHS a month is a crime even if people are willing to pay for it.
Join Date: Apr 2008
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The Great Depression Game
quote: Low oil price is going to be short lived. In fact the longer the price of oil stays below $50,the higher the price is going to spike inthe future. Oil below $50 is not in anyone's interest in the long term. The US dollar has strengthened significantly which just shows that most investors still see it the reserve currency./end of quote
Sorry, but utter bullocks. The banks were in kneedeep sh*t long before Main Street got the news. The financial 'elite' pushed the oil price up beyond recognition. Read the long term analysis reports of the US Energy Dept. Current oil price should be around 40 dollars a barrel, given current demand and global growth (China and India at the forefront of oil demand), by 2030, at current growth levels (before the crisis) it should reach 110 dollars a barrel, exluding the fear factor and speculators.
Russian oligarchs were quick to shout out summer 2008, a new oil price threshold could reach 200-250 dollars within a year, as crude hit 147. An ailing US economy demanded an ever weaker dollar, therefor the oil price had to be pushed higher. In such a climate, it was easy for the big oil companies to rake in mega profits, while argueing the crux of the problem was driven by global demand, all the while they failed to invest significantly in non-oil related future technologies. Finally, when the handle broke, banks and oil companies decided it was time to let go. Promptly the oil price dropped, but the damage was done already. That's the problem with a non-regulated, free-wheeling market capitalism. Greed knows no ethic. Wallstreet sure looks after itself, securing hundreds of millions in fees through the bailout package. The taxpayer pays for something he will never fully understand, other than that he's getting ripped off once again. The oil industry will continue to make hefty profits, while the Hill is making sure the dollar stays strong.
OPEC's secretary's statement in summer 2008 was accurate: the artificially deflated US dollar and oil speculators of the global financial elite are responsible for the high oil price, rather than global demand. In fact, 60 dollars a barrel was stated as a desirable threshold price, to ensure good profits. Sure, before the wars in the Middle East, 40 dollars was deemed desirable, with a ten dollar fear margin factored in already. Even then, there was ample room for manouvring.
To bail out the banks, who have gotten us into that mess in the first place and who's CEOs show no remorse, quite the contrary, is a joke.
To bail out the ailing car industry, who has failed to show real intent for change, i.e. investing in future technologies, restructuring its top-of-the-pyramid-driven fat jo-jo management is an unforgivable mistake.
We're in the Great Depression Game, yet again. It's orchestrated by the global financial elite. As was then in the 30s. We're ruled by decree of our own greed. Whether on a small or a large scale. We've only got ourselves to blame. Is the end of free market capitalism looming at the horizon? I don't think so. We've already transferred a great deal of man-made goods and materialistic wealth into cyberspace's digital betting universum. This will have dire consequences. Just as ignoring the warning signs of the rapidly dwindling arctic and antarctic ice shields. While the ice that matters so much to this planet is disappearing, we've just seen the tip of the iceberg we've created. The global financial crisis has just begun. Bailout packages will not provide a long term solution, but rather delay the inevitable.
Sorry, but utter bullocks. The banks were in kneedeep sh*t long before Main Street got the news. The financial 'elite' pushed the oil price up beyond recognition. Read the long term analysis reports of the US Energy Dept. Current oil price should be around 40 dollars a barrel, given current demand and global growth (China and India at the forefront of oil demand), by 2030, at current growth levels (before the crisis) it should reach 110 dollars a barrel, exluding the fear factor and speculators.
Russian oligarchs were quick to shout out summer 2008, a new oil price threshold could reach 200-250 dollars within a year, as crude hit 147. An ailing US economy demanded an ever weaker dollar, therefor the oil price had to be pushed higher. In such a climate, it was easy for the big oil companies to rake in mega profits, while argueing the crux of the problem was driven by global demand, all the while they failed to invest significantly in non-oil related future technologies. Finally, when the handle broke, banks and oil companies decided it was time to let go. Promptly the oil price dropped, but the damage was done already. That's the problem with a non-regulated, free-wheeling market capitalism. Greed knows no ethic. Wallstreet sure looks after itself, securing hundreds of millions in fees through the bailout package. The taxpayer pays for something he will never fully understand, other than that he's getting ripped off once again. The oil industry will continue to make hefty profits, while the Hill is making sure the dollar stays strong.
OPEC's secretary's statement in summer 2008 was accurate: the artificially deflated US dollar and oil speculators of the global financial elite are responsible for the high oil price, rather than global demand. In fact, 60 dollars a barrel was stated as a desirable threshold price, to ensure good profits. Sure, before the wars in the Middle East, 40 dollars was deemed desirable, with a ten dollar fear margin factored in already. Even then, there was ample room for manouvring.
To bail out the banks, who have gotten us into that mess in the first place and who's CEOs show no remorse, quite the contrary, is a joke.
To bail out the ailing car industry, who has failed to show real intent for change, i.e. investing in future technologies, restructuring its top-of-the-pyramid-driven fat jo-jo management is an unforgivable mistake.
We're in the Great Depression Game, yet again. It's orchestrated by the global financial elite. As was then in the 30s. We're ruled by decree of our own greed. Whether on a small or a large scale. We've only got ourselves to blame. Is the end of free market capitalism looming at the horizon? I don't think so. We've already transferred a great deal of man-made goods and materialistic wealth into cyberspace's digital betting universum. This will have dire consequences. Just as ignoring the warning signs of the rapidly dwindling arctic and antarctic ice shields. While the ice that matters so much to this planet is disappearing, we've just seen the tip of the iceberg we've created. The global financial crisis has just begun. Bailout packages will not provide a long term solution, but rather delay the inevitable.
Well, oil STILL below $40 and Gulf News saying rents have slipped 15% (If Pravda is saying that, what's the real figure?)
Was told 60 cars were abandoned at DXB in the last month by retrenched expats just getting on a plane and leaving a mountain of debt behind.
It's going to be an interesting year!!
Was told 60 cars were abandoned at DXB in the last month by retrenched expats just getting on a plane and leaving a mountain of debt behind.
It's going to be an interesting year!!
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Croc
keep your scales on! The 55,000dhs is per YEAR , not per month. It was for apartments in International ****y.
A reliable source has it on good authority that the banks here will be lending 90% again on certain villas from March onwards. Apartments 60%. Now that the prices have tumbled, I guess that makes sense.
keep your scales on! The 55,000dhs is per YEAR , not per month. It was for apartments in International ****y.
A reliable source has it on good authority that the banks here will be lending 90% again on certain villas from March onwards. Apartments 60%. Now that the prices have tumbled, I guess that makes sense.
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It is now illegal to report bad news in UAE
So in future Pan Ams negative profit situation logic will be used in all Gulf report.
My own view is that if the press are not allowed to report bad news, the "investors" and "residients" will make up the news.
Bad news travels 100 times faster than good news.
But there is no such word as "logical" in the mindset of the sandy world.
Take care, ssa
My own view is that if the press are not allowed to report bad news, the "investors" and "residients" will make up the news.
Bad news travels 100 times faster than good news.
But there is no such word as "logical" in the mindset of the sandy world.
Take care, ssa
