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    Jo Hopworth on Justice For Natalie – Na…
    Mariam on Criminal Complaint filed in Ge…
    Martin Kraeter on ACI Dubai Funds filed bankrupt…
    Independent Observer on Iranian’s lawsuit reveals roya…
    Rado on DubaiTouristen landen schnell…
    Dubai Citizen on Al Fajer Properties Case…
    Dane on Outlook in concrete- Dubai Wor…
    jamesl fayad on RERA Dubai – Dubai Prope…
    Jacques on Malika Karoum finally arrested…
    James Brown on ACI – Alternative Capita…
    Journalist on Al Fajer Properties-500 Invest…
    ron oakeley on ACI – Alternative Capita…
    Benson Fu on Shahram Zadeh against Al Fajer…
    Monika on RERA – Dubai mulls cance…
    Ali Varahram on Shahram Zadeh against Al Fajer…
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    • Criminal Complaint filed against Al Fajer Properties Sheikh Maktoum
      Criminal Complaint filed in Germany against Sheikh Maktoum Hasher Maktoum Juma Al Maktoum CEO of Dubai Developer Al Fajer Properties The Dubai Sheikh who mislead and extort a German Couple  Germany – Dubai 2011 A German elderly couple , today 80 + 50 years old who have been Dubai Tourists since a decade, bought in 2005 an apartment at Nakheel´s Dubai Residen […]
    • UAE: Human Rights Blogger, Sorbonne Lecturer Charged With ‘Humiliating' Officials
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    • Nakheel Dubai Sunland Case
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    • Dubai Nakheel CEO decided to leave the company
      Dubai June 7, 2011 Nakheel said on Wednesday that its CEO Chris O'Donnell had left the company "after completing his contract terms". O'Donnell, an Australian who joined the developer in 2006, said he had decided to leave Nakheel following five years spent with the company, the statement added. O'Donnell has overseen a traumatic time […]
    • Owner of Dubai Developer Damac Hussain Sajwani files case against Egypt corruption ruling
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    • Dubai Palm Jumeriah - Investors plan to take legal action
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Flip mentality Dubai Property Market – Dubai Property Prices – the truth

Posted by 7starsdubai on August 11, 2008


Dubai Property Prices – the truth – Real Estate – ArabianBusiness.com

Well written article – thoroughly enjoyed it!

My own thoughts are that that we are probably at stage 4, but sometimes I even have disbelief of my own beliefs, (i.e. don’t buy in an upmarket). This because of the sheer numbers of people flocking to Dubai (The Gold Rush Syndrome ?).

But on the back of that I see huge numbers leaving and even more colleagues disenchanted because they cannot even afford the standard of accommodation they took for granted back home and now they wonder what it’s all about.

They came here to have a change in lifestyle, make some money and make a difference, but that fairytale is changing.

The only people to truly benefit truly either the people who bought 3 years ago (lucky them for having had both the money and the foresight), and/or the people who are worried about the future of their own unsettled countries and are setting themselves up “just in case” . They are the lucky ones (or maybe not).

The main question I ask myself constantly is, when did the world become so concerned with property, wealth, and greed. Suddenly (and I do mean suddenly), we seem to be on a world stage where the world has gone quite mad about property.

When did it change from being a roof over our heads with maybe another small investment on the side(i.e. holiday cottage), to this monster making enormous capital gains for speculators.

The question has to be asked, is it driven like oil by speculation. I think the answer quite simply yes. Will it last? I don’t think so. When will it end? Certainly not until the appetites are satisfied.

Is it wrong to speculate on property, probably not. Our forefathers never had the chance to “get rich quick without any effort”, so why not get it if you can I hear everyone say.

The real problem arises however with the “Flip” mentality here in the middle east, and that is something which may catch a lot of people out because they will get in at stage 5 and fall victim to the failings in the system.

Check out the wealthy VIP’s invited to these “salubrious property launches”, they put down deposits on say 10 units, hand over their cheque, go down to the hall where the masses wait clutching passports and cheque books (there will never be another building built in Dubai you would think !). He onsells on first come first serve to these poor suckers, who eagerly pay him a 10% premium just to get the right to jump the queue and buy this rare commodity. He then pops back to the seller, gives them ten cheques and takes back his own!

It’s a joke. I have seen it happen, and its wrong, but can we ever stop it, and who cares, certainly not the flippers.

But that’s Dubai, and it is that greed that just might kill the goose in the end, but when will that be, and where are we on the hraph. Well maybe number 4 or 5, but then again maybe it’s number 2. It is going to be a very interesting scenario as it plays out.

One thing for sure however, the rich get richer and the poor struggle to survive and that will never change, only the degrees of wealth changes at the upper end.

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