UK Telegraph:(Dubai's offshore World development), the ambitiously-constructed archipelago of islands shaped like the countries of the globe, is sinking back into the sea, according to evidence cited before a property tribunal.Also see Dubai may have to knock down buildings constructed during boom.
Like I've said, prices will be down 90% from peak, with many of the remaining buildings being uninhabitable. Yet Dubai will be a paradise compared to the catastrophe that will visit China over the coming years.
Update: If this is true I hope that Dubai burns to the ground, every infestor suffers a complete and total loss, and we should boycott Emirates. But something about these horror stories doesn't add up. There's no doubt in my mind that many of these people from India, Bangladesh and Pakistan are abused. But widespread slavery in Dubai? Surely word would get back that Dubai/Arabian Peninsula are very, very bad places for third world workers to be.
11 comments:
Daily Doom! :-)
What, no HOA to jack up the fees and provide dredging/fill services? :-) Oh wait, there are (almost) no residents to fund the HOA!
I still don't get it, why someone with enough money to buy into a place like that, would choose to live in a place like that.
Why Dubai? Low taxes, the weather is great for half the year, the salaries were good, it was fun, there's lots to do, and the Emiratis aren't total dicks like the Saudis are.
Personally, I wouldn't buy there, but for some folks it looked like a great deal. I don't think prices will be down 90%, but they will be down.
I don't care if I have more money than Bill Gates - if I can't go down to the store and buy a rack or ribs I am not living there.
You can buy ribs in Dubai. A number of the stores have special pork rooms.
Anon - are you serious about that?
Absolutely serious. I've bought pork in Dubai and Abu Dhabi. The Spinneys in Dubai had a bunch of good stuff I took back to Doha, where pork is illegal.
Anon is right. Google "buying pork in Dubai." Dubai is far more "liberal" than just about any Arab country. Booze, pork, etc. But keep it quiet.
Well hell then, I need to start looking for deals on condos there. Or not.
Well, it's all so sad to see drowning Dubai and I feel bad for those expatriates from poor countries who had come there to earn their livelihood but now there is no job opportunity for them. On the other side some real estate investors are still investing in hope for better returns in long run.
For my part one and all have to go through this.
Post a Comment