Goodbye Dubai !!!

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Thanks for the link PeterUK! I am not surprised that RE in Dubai is tanking. It is hard to find many articles written about the RE crash there.
 
Check out the WSJ. They have been doing about an article every other day on the economy of Dubai, which revolves around RE. There was a good one, where a developer basically got politically ousted from his company and left with nothing, and doesn't stand a chance in court. I'll check for it later today.
 
You're welcome Z...someone told me that Palm island is sinking, back into the Ocean...

I guess they must have questionable civil engineering skills over there right?

Can anyone confirm this?

Here is another article.
 
I'm guessing you guys haven't heard of the thousands of luxury cars left at Dubai International Airport collecting dust.

Expats who lost their job and are deep in home/house/credit card debt, they're buying a 1-way ticket out, leaving their credit cards in the car, some with "sorry" notes.

:)
 
buylowsellhigh said:
I'm guessing you guys haven't heard of the thousands of luxury cars left at Dubai International Airport collecting dust.

Expats who lost their job and are deep in home/house/credit card debt, they're buying a 1-way ticket out, leaving their credit cards in the car, some with "sorry" notes.

:)
Click to expand...

You might want to mention the reason for the abandoned cars... debtor prison. You default in Dubai, you go to jail, yup prison. It's no wonder they are getting the hell out. However, if you go visit... no need for a rental car, just go look around the garage at the airport for the car with the keys. I hear it is not difficult to find, but finding parking there is becoming a problem.
 
graphrix said:
buylowsellhigh said:
I'm guessing you guys haven't heard of the thousands of luxury cars left at Dubai International Airport collecting dust.

Expats who lost their job and are deep in home/house/credit card debt, they're buying a 1-way ticket out, leaving their credit cards in the car, some with "sorry" notes.

:)
Click to expand...

You might want to mention the reason for the abandoned cars... debtor prison. You default in Dubai, you go to jail, yup prison. It's no wonder they are getting the hell out. However, if you go visit... no need for a rental car, just go look around the garage at the airport for the car with the keys. I hear it is not difficult to find, but finding parking there is becoming a problem.
Click to expand...

Fast and Furious Baby! :lol:
 
graphrix said:
buylowsellhigh said:
I'm guessing you guys haven't heard of the thousands of luxury cars left at Dubai International Airport collecting dust.

Expats who lost their job and are deep in home/house/credit card debt, they're buying a 1-way ticket out, leaving their credit cards in the car, some with "sorry" notes.

:)
Click to expand...

You might want to mention the reason for the abandoned cars... debtor prison. You default in Dubai, you go to jail, yup prison. It's no wonder they are getting the hell out. However, if you go visit... no need for a rental car, just go look around the garage at the airport for the car with the keys. I hear it is not difficult to find, but finding parking there is becoming a problem.
Click to expand...

Well, look on the bright side, at least they have somewhere to live if they default on their mortgage...
 
I've been out to dubai, and well, i think that falling property prices and abandoned cars are just two minor problems the emirate will face within the next two years. Infrastructure is a complete disaster, the path to work had been changing on a daily basis due to road closures, but improvement was sorely lacking. Property was sold without sufficient maintenance/HOA fees. I think the developers presently pay for the maintenance of the vast parkways and medians and numerous guards within their developments. Obviously, not a sustainable business model, so good luck extracting those fees out of the underwater residents. There is a huge population of second class citizens from indo, paki, and hk and many of them have been laid off and haven't been paid for work completed. Their visas are expiring but how are they going to get out of country without the cash? Either they jail all these violators and deport them on the slow boat, or you're stuck with a population of disgruntled and angry men with nothing to do. Knowing UAE beuracracy and Emiratees in general, option 1 is too complex for them to accomplish in a limited amount of time without incurring a lot of human rights violations (but Dubai is one of the least free countries in the world according to HRW).

Ultimately, Dubai is in the middle of the f-ing desert. Sure, it's on the coast, but a clear, dust free summer or fall day in dubai is a rare occurance. From a U.S. citizen perspective, there's absolutely no reason to go there except for business. Travel half way around the world to gawk at a big building and ski indoors? I think you should pass because there's nothing there that we don't already have in every major U.S. city that's of superior quality. Leave Dubai to the repressed Saudis and Iranians.
 
tkaratz thanks for the insight, I only know two people who have been there, my son-in-law has been there several times, he's a merchant marine, when I asked him what it's like his reply was "meh...it's OK" and my Hairstylist who said it's kinda like vegas on steroids, you have to get an air conditioned cab from building to building and it isn't worth going there twice...
 
GREAT ARTICLE!!!

"All the people who couldn't succeed in their own countries end up here, and suddenly they're rich and promoted way above their abilities and bragging about how great they are. I've never met so many incompetent people in such senior positions anywhere in the world."

This quote is dead on except for the fact that the most incompetent managers are the emirates themselves. I've been up in some of those towers under construction around the Dubai Marina at 11pm to 1am at night and have see pitch black floors crowded with workers with no hard hats, shirts or shoes.

Dubai has two alternatives, remain "free" and suffer the uprising of the workers they have oppressed. Or, with the help and experience of it's authoritarian saudi or iranian neighbors, will use an iron fist to herd its population into submission.
 
tkaratz said:
This quote is dead on except for the fact that the most incompetent managers are the emirates themselves. I've been up in some of those towers under construction around the Dubai Marina at 11pm to 1am at night and have see pitch black floors crowded with workers with no hard hats, shirts or shoes.
Click to expand...

I don't think that's incompetence. I think that's don't-get-a-crap-ence. The workers there are basically slaves; if one dies, they don't care, they've got plenty more.

On the whole, sounds like a loveeeely place. I've heard bits and pieces about Dubai before, but never seen it all spelled out in one big pile of stinking poo like that article did.
 
Geotpf said:
tkaratz said:
This quote is dead on except for the fact that the most incompetent managers are the emirates themselves. I've been up in some of those towers under construction around the Dubai Marina at 11pm to 1am at night and have see pitch black floors crowded with workers with no hard hats, shirts or shoes.
Click to expand...

I don't think that's incompetence. I think that's don't-get-a-crap-ence. The workers there are basically slaves; if one dies, they don't care, they've got plenty more.

On the whole, sounds like a loveeeely place. I've heard bits and pieces about Dubai before, but never seen it all spelled out in one big pile of stinking poo like that article did.
Click to expand...

Well, if you've asked them build a pro forma, understand basic design principal (why is every masterplan in the shape of a palm?), and or watched them interact with architects, you'd wonder how they learned to tie their own shoes
 
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