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Interesting Videos on Dubai Property Crash


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Old 07-02-2009, 06:52 AM
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Default Interesting Videos on Dubai Property Crash





Taken the first one down! Agreed...its bogus, but these two are frightening indeed. What is worse is that many of these places aren't even renting now. If thats the case, many people will be F***ed!!

Last edited by sonofthedesert; 07-02-2009 at 06:32 PM.
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Old 07-02-2009, 09:45 AM
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first video is bogus.
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Old 07-02-2009, 02:13 PM
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it made me think its alot worse than i thought...but still things can turn with few new rules

still a nice place to live , a place where you can show off if rich without getting in trouble
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Old 07-02-2009, 06:05 PM
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yes, first video is bogus and should be taken off. The other two come from objective sources, CBS (US) and DW (Germany)
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Old 07-02-2009, 06:42 PM
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I have taken the first one off and left the other two 'real' ones. If anyone else has anything similar please share it. The press here is controlled and I don't think they really want people to know how bad it is and how much worse it will probably get.

On another note, I did some checking around today and found out that the average condo price in Miami these days is approx 200$ per sq ft on the low end and 400 $ per sq ft on the higher end while the average price per sq ft for all homes in the metro Miami area is less than 100$ per sq ft. While there are certainly a lot more low end areas in Miami, the two cities do share some similarities with their quick booms and busts - particularly in the high-end homes and condo sector. Would you think that these prices are indicitive of something similar in Dubai (e.g. 734 dirhams per sq ft up to 1450 per sq ft) these days for apts?
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Old 07-02-2009, 09:18 PM
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Quote:
Originally Posted by sonofthedesert View Post
I have taken the first one off and left the other two 'real' ones. If anyone else has anything similar please share it. The press here is controlled and I don't think they really want people to know how bad it is and how much worse it will probably get.

On another note, I did some checking around today and found out that the average condo price in Miami these days is approx 200$ per sq ft on the low end and 400 $ per sq ft on the higher end while the average price per sq ft for all homes in the metro Miami area is less than 100$ per sq ft. While there are certainly a lot more low end areas in Miami, the two cities do share some similarities with their quick booms and busts - particularly in the high-end homes and condo sector. Would you think that these prices are indicitive of something similar in Dubai (e.g. 734 dirhams per sq ft up to 1450 per sq ft) these days for apts?

Miami is too far away from the Middle East.
You cannot compare
Dubai serves the countries from the Middle East, India and Pakistan
Dubai can be 100$ but also can be 1000$ - we will see.
Now I am optimistic that the government will not let this place fall apart.
Will be difficult but we will be ok very soon
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Old 08-02-2009, 04:32 AM
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Quote:
Originally Posted by georgihh View Post
Miami is too far away from the Middle East.
You cannot compare
Dubai serves the countries from the Middle East, India and Pakistan
Dubai can be 100$ but also can be 1000$ - we will see.
Now I am optimistic that the government will not let this place fall apart.
Will be difficult but we will be ok very soon
Plus, don't forget about financing, who is going to give you a mortgage in the USA if you're living and working in Dubai?
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Old 09-02-2009, 05:37 AM
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Just posted the facts about Miami for comparative purposes. For instance, if one can get a 2 bed/2 bath luxury ocean view condo in Miami/Miami Beach for 200-250000 $ these days, one might assume that the price should at least be somthing similar in Dubai for around the same thing. That would be around 734-918000 dirhams for a luxury Marina/Palm etc. apt. That sounds about right, but prices would still need to come down here a bit as developers and agents get desperate and as more people foreclose, cut and run or have distressed sales etc.

Just saying that from a worldwide perspective, that is what these things are approx. worth. One also has to factor in the lack of residency issues, personal freedom issues and lower quality of construction amongst other things here compared to another cosmopolitan 'fun and sun' destination like Miami.

Anyhow, I'm not immune from this situation either and I'm certainly not bashing anything. I bought two places in Abu Dhabi a year ago. I intended to try and flip one and rent the other out. I've secured financing for one that will be completed next year and plan to rent it out, but have decided to lose my deposit on the other rather than trying to make more installmets, securing another loan, and waiting this crisis out. I just don't see prices rebounding from 50-60% declines any time soon and I don't want the trouble of more loans, finding renters etc. Thankfully, I own a house in Canada that I rent out and it has done quite well. That is my 'security blanket' at this point and as the old saying goes..."You win some and you lose some!"

Last edited by sonofthedesert; 12-02-2009 at 12:24 PM.
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Old 15-02-2009, 11:01 AM
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Here's one - from the BBC show "The Oracle" - ran on the Feb 13th.


There are 2 parts in all. They have a satirical approach - which may mask the seriousness of the issues to the casual observer.
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Old 15-02-2009, 11:14 AM
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(2 of 3). The third part may not be relevant....to this thread.

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