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How is it out there?

Discussion in 'Dubai property' started by Djjunior, Dec 31, 2008.

  1. Djjunior

    Djjunior New Member

    I haven't visited Dubai in the last month and half or so, but have been hearing from partners and sources that its getting pretty bad...

    I always like to observe the resident/ local population to get a feel of how the economy is doing...

    For those in Dubai, How bad is it really??



    Are the restaurants still brimming with people ??? Nightclubs and Mujras still packed every night (Dubai Marine, JBR, Buddah Bar etc.)??? Shopping Malls still full (City Center, MOE etc.)??, locals still buying stuff???

    How about Carefour is it still rammed with people speaking 500 different types of languages??

    New Years parties sold out???

    Coffee Shops still full? With people buzzing about real estate?

    Let me know your thoughts... hows the scene and how bad/ good is it??
     
  2. PropGuy

    PropGuy New Member

    Yup

    Yup. I think people are spending more on smaller stuff perhaps in expectations that accommodation costs won't rise or might fall.

    It is alright for people who haven't invested too much in real estate or were not working in real estate company.
     
  3. financier888

    financier888 New Member

    Foot falls in many malls are down, with some exceptions like MOE & City Centre although retailers are seeing lower sales volumes

    carrefour is still packed - people still have to eat!!!

    Restaraunts are down - I noticed this in MOE and talked to staff there - there business has definitely dropped which may be due to the dramatic fall of visitors here- which is prime season. (many 5 star hotels are off 50% from last year...)

    It will get worse before it gets better...
     
  4. sasherwani2

    sasherwani2 New Member


    Very bad! Dubai is a town full of sellers now! Whether its property sellers or retailers. No buyers anywhere. Dont listen to the brokers on this forum. They will always portray a rosey picture of Dubai to you. You should check the prices of properties here compared to 3 months ago. Properties have fallen up to 60% (and still falling).

    MoE and City Center are still doing pretty good in terms of foot traffic. But sales are down. Unofficial statistics say the sales are 45% lower than last year. But whenever I visit these malls, most of the ppl are carrying Carrefour or Geant bags. Not much impulsive shopping going on at all. The coming DSF will be as big a flop as the DFF and the newly opened Dubai Marina Mall.


    Yes in fact its more crowded than ever. Thats one place ppl still find affordable i guess.

    Good ones were sold out. But it wasn't even slightly as packed as last yr for the rest of the boys.

    Yes.. but only the corrupt side of Dubai property regulators..
     
  5. naxal

    naxal New Member

    Unlike PropGuy and similar to financier888 's thoughts , I agree on this point that malls are getting emptier .................... Dubaians are slowly decreasing the amount of money to spend on entertainment ,parties ,clubbing ,ANYTHING CONSIDERED EXTRA or UNNECCESSARY as cost of living in Dubai is shooting thru the roof PLUS the ever-increasing laws & rules levied by the government .

    Recently ,a friend of mine arrived in Dubai & was surprised to see most of the hotels having vacant rooms & dropping room rates due to falling tourism levels SO YOY SEE ,this is the current scenario .
    P.S. I have a strong hunch that DSF '09 won't be that successful this time !!!
     
  6. TommyC

    TommyC New Member

    According to the cab drivers, business for them is really bad now compared what it used to be in this season. According to the few I've spoken to, they really have to struggle now (they did before as well, but now it's really bad) to come up to the required amount to get a decent commission (if they make fares worth of AED 425/day they get 35% commission, otherwise only 25%). They've told me a figure of around 70% of the hotels to be more or less classified as "empty". They used to be busy moving people between the airport and hotels, but now...it's just quiet.

    Sure, the malls are still crowded during the weekends and public holidays, but remember that the malls are still a place people just seem to hang around to meet others, agree on the typical Carrefour bag being carried around but rarely one or more bags from other stores. During weekdays the malls are more or less deserted compared to "before". Carrefour, sure, it is still busy as it is one of the cheapest places to buy anything, but even today (public holiday and a lot of people around) it wasn't as much as expected when I was there doing my basic shopping of yogurt and cereal. Even though the food court have been busy it's nothing like "usual" and you rarely see people that look like tourists (kinda lost with big eyes looking around at all the shops) in the malls when I've been there (MoE and City Centre). And regarding the "restaurant" section in the malls, they are far from as crowded they "used to be" (I'm a frequent Cinestar visitor and pass by the restaurant sections in MoE and City Centre regulary).

    Have heard rumors that this shopping festival might actually bring some value compared to previous years "by for AED 1000000 and get a chance to win AED 500" or "buy 1 tv and get a sh***y one for free". Now it's seems like the retail industry (incl. the car manufacturers!!) have no choice but to REALLY drop the prices to get people to spend their money (or the few dirhams they have left after the government suddenly decided it's better the private developers run away with their money instead of spending them). This shopping festival might actually see cuts of up to 30-40%, like a REAL sale (not the constant kind of permanent "sales" that goes on everywhere in this interesting country).

    Will be interesting to see how it turns out.
     
    Last edited: Jan 1, 2009
  7. cin7166

    cin7166 New Member

    I'm just back from Dubai, spent Xmas there and I couldn't believe how quiet it was and much more expensive since I was there last. Taxi drivers and hotel management have said it's really quiet. Seemingly a lot of hotel workers have been made redundant and sent home. There were quite a lot of people in the Mall of Emirates.
     
  8. Roshan

    Roshan New Member

    A taste of their own medicine. Taxi drivers for neglecting so many passengers when the going was good and hotels for jacking up the prices.

    However sad for the hotel workers. Some of them would have pawned jewellry or land to come to this place.

    Regards

    Roshan
     
  9. cin7166

    cin7166 New Member

    Everyone on the plane going back commented on the prices. A glass of cranberry juice from the hotel pool bar was 25 AED, so £5 for us. I suppose the exchange rate didn't help.
     
  10. PropGuy

    PropGuy New Member

    Tourism is down, and it will not pick up unless tourists get at least 50% discounts in traveling expenses and shopping items, since AED is 40% more expensive at the moment.
     
  11. georgihh

    georgihh New Member

    S. Arabia – number one tourist by far.
    They don’t care about the pound but the price of the room and the massage centers.
    As far as they can afford to come to Dubai the tourism will be OK. Tourism - sorted
    Now Emirates are doing connection flights so they don’t bother about the flights to Dubai – sorted.
    Government institutions increase the prices by 10-20% - sorted.
    Property owners (locals) – they still make millions from the buildings in Bur Dubai and around town – sorted.
    As you can see the locals have no problems – business as usual.
    If some foreigners took a loan from the bank and became defaulters – who cares – replacement will come, if not now in a couple of years

    Dubai in general has no problems. The so called investors (donors) have problems
    This is Dubai at the moment.
     
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