indeed, until the rulers show commitment to and acceptance of the foreigners through the application of universal rule of law, people will have no interest in Dubai.
The memory of massive screwing of foreign investors to the benefit of the locals will not be erased overnight.
Confidence takes a lot of time to rebuild. Dubai has not started yet.
Until they do, stay away from this con.
Which is pretty much what I stated on page 1 of this thread.
if a person had, right now, say $500k, from a life-time of hard work and saving, and they're looking for a place in the sun to retire, or buy a second home, where will they consider?
Dubai??
well, maybe if they've had their head in the sand for the last 2 years.
Even if they were getting the bargain of the century, maybe 25% of the original price, what would be the point?? when they dont know STILL, if they'll be allowed to live in the place.
Now, say Dubai changes their visa rules TOMORROW, and say welcome all, residence visa's here when you buy!!!!!!
Who's going to believe them? the same people who had their heads in the sand for last 2 years.
Then there are the people who HAVE bought already,
some may be ok as they bought years ago and are collecting rents now, just a large dip in income.
These people will still wear rosy glasses and promote the place as paradise, because it's now in there best interest to do so.
Then there are the people who bought too late and are still looking at a hole in the ground instead of a building- for them, blind panic.
Confidence may return, but it must be long, long time, because most of this generation, anyone with even a slight interest in international property, KNOWS now, what has been going on, and how many people have been left broke.
