I was in Dubai recently and was offered at least 5 distress sale propositions in that figure of 550 for 1 beds in new developments (possession around 2009). The much trumpted Lago Vista from Damac was available for even less from one gentlemen and I met him. Correction: Dubai freehold started in 2002. Its been ONLY five years. A 2 bed at Dubai marina was sold at 435,000 at the start and was quoted upto 2.1 Million by the end of 2005. Its rumoured to be available now at around 1.1 million. Since I wasn't keen now given the uncertainities, I did not enquire much. All the property dealers in the dubai are as much speculators and dream merchants as they are around the world.
Dubai Stock exchange was 1400 points in 2006 and it crashed to 420 points a few weeks later and now its back. When things dont operate on any fundamentals and you have one-eyed experts always claiming yearly rises in their dreams, the only person who will take a hit will be you and me.
I only believe in one cliched dictum- Don't trade for fish which are still in the water.
I was in Dubai recently and was offered at least 5 distress sale propositions in that figure of 550 for 1 beds in new developments (possession around 2009). The much trumpted Lago Vista from Damac was available for even less from one gentlemen and I met him. Correction: Dubai freehold started in 2002. Its been ONLY five years. A 2 bed at Dubai marina was sold at 435,000 at the start and was quoted upto 2.1 Million by the end of 2005. Its rumoured to be available now at around 1.1 million. Since I wasn't keen now given the uncertainities, I did not enquire much. All the property dealers in the dubai are as much speculators and dream merchants as they are around the world.
Dubai Stock exchange was 1400 points in 2006 and it crashed to 420 points a few weeks later and now its back. When things dont operate on any fundamentals and you have one-eyed experts always claiming yearly rises in their dreams, the only person who will take a hit will be you and me.
I only believe in one cliched dictum- Don't trade for fish which are still in the water.
Quiet lurker. Poor Contributer