What recession?
Discussion
I know someone who lives on the Palm and spoke with them yesterday. They told me about the planned fireworks today as they were setting them of from her building.
She also told me that the global economic crunch is WELL AND TRULY being felt in Dubai, she says it is amazing how much the place has changed in the last 8 months. She has lived there for 5 years.
She also told me that the global economic crunch is WELL AND TRULY being felt in Dubai, she says it is amazing how much the place has changed in the last 8 months. She has lived there for 5 years.
Edited by s3fella on Thursday 20th November 22:23
Simpo Two said:
s3fella said:
She also told me that the global economic crunch is WELL AND TRULY being felt in Dubai
Can't see why - we still have to buy oil. Still, they had a good run. If it wasn't for the black stuff they'd still be living in tents and eating sheep's eyeballs.It "survives" on rich expats living out there! The oil is in the other Emirates but Dubai is just a showpiece and a place to hang out and spend your cash!
There is less cash about, the oil companies are making less cash as the oil price is dropping, property is in less demand there, so they are seeing similar things to us regarding reduced confidence. Plus of course, expats out there often have homes back home which they are losing cash on now.......its declining that is for sure.
In fact didn't one of the Princes or Sheikhs out there recently do a newspaer interview saying the real estate market was unaffected in Dubai....(which clearly means it is or he would not have to say it wasnt!)
There is less cash about, the oil companies are making less cash as the oil price is dropping, property is in less demand there, so they are seeing similar things to us regarding reduced confidence. Plus of course, expats out there often have homes back home which they are losing cash on now.......its declining that is for sure.
In fact didn't one of the Princes or Sheikhs out there recently do a newspaer interview saying the real estate market was unaffected in Dubai....(which clearly means it is or he would not have to say it wasnt!)
loafer123 said:
Simpo Two said:
s3fella said:
She also told me that the global economic crunch is WELL AND TRULY being felt in Dubai
Can't see why - we still have to buy oil. Still, they had a good run. If it wasn't for the black stuff they'd still be living in tents and eating sheep's eyeballs.
Which is exactly the reason they've gone in for these horrendous resorts etc.
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