WARNING- get out before you get in

[jonwell]

hi, let me first say i had a bit of time on my hands and came across this forum,
i really don't know wheither to envey or pity on those who still hold property or properties in dubai....even god can't help you there.

price expected to fall a further 15-20% by jan 2010 there is no market. these little shoe boxes that you haave bought is just an illusion sorry for spelling i sold out back in 2006 when i saw people still buying it was nothing more than to buy and then sell as the momentum was going on.

get out now and you know what the law is...
well my friend bernard left his car a top range mercedes with the keys inside and a note saying sorry can't afford it bye.. if he didn't pay his loan or flat mortgage payments he would have gone to prison yes you read right PRISON.

check the law out yourself.....
sell sell sell for godsake make that little loss but get out.

i am just going out for a swim in my pool and i keep you post tomorrow enough for today.....
bye

[Stephendxb]

An interesting post, but I must point out that buying and selling property is not like buying and selling on the stock market. It should be viewed (in my opinion, as a long term investment) not for short term gain, which is now to the detriment of many speculators with very little or no understanding of real estate. That said, if you had been a savvy investor you would have sold in the second / third quarter of 2008 and not 2006. So I guess you are now renting….if so that’s money down the drain.

As for you friend leaving his car, I hope he realises that walking away from his financial difficulties doesn’t mean they will just disappear, in fact it will probably end up with him having even worse repercussions later down the road. Financial debt is a global institution.

If you understand real estate, then selling now is not the best option. However I concede certain individuals may have no other option, but I would recommend independent financial advice to many. (It’s free)

Enjoy your swim….

[jonwell]

hi there,
no i think when your in any market the name of the game is to make money,
no point holding on to something if the value is going to go up/down and when i came out in 2006 for me i had hit my profit ceiling in which i was happy.

dubai has nothing to offer i been there and seenit myself...it's nothing more than a building site which in return offer nothing.

there is no industry it's been bailed out by abu dabbi for over 75billion it's a total collapse.....

more on this i just need to get back to my trades.....
p.s speak maybe this evening.....

[Dod]

Jonwell. I don't think it's fair to say that Dubai has nothing to offer. It is a natural trading hub and always will be, especially when you consider that it is well placed to handle Chinese goods coming west. It also has some tourism as a side business.

There is clearly an over-supply of property, but that should keep costs down for quite a while and help Dubai's competitiveness. Companies and individuals should actually have an affordable cost base again. The people who bought at the peak are the ones footing the bill for this I'm afraid.

[lister]

my hunch is that jonwell regrets his decision to have sold. He jumped, (this time in his pool) and thinks that he has done the right thing.

Yes - price were inflated and have dropped to 2006 levels.
Yes - Dubai needs to address some very serious issues.

- but

just hang in there.....patience is the key here.

- I have a long term vision and a long term plan. I personally see property as a roof over my head - it can be used - dont always view it as instant gratification.

By 2016 Duabi will be more of an official Singapore or Hong Kong and poor jonwell will be gutted

[sasherwani2]

Originally Posted by lister

my hunch is that jonwell regrets his decision to have sold. He jumped, (this time in his pool) and thinks that he has done the right thing.

Yes - price were inflated and have dropped to 2006 levels.
Yes - Dubai needs to address some very serious issues.

- but

just hang in there.....patience is the key here.

- I have a long term vision and a long term plan. I personally see property as a roof over my head - it can be used - dont always view it as instant gratification.

By 2016 Duabi will be more of an official Singapore or Hong Kong and poor jonwell will be gutted

I suggest you study Hong Kong and Singapore' s economies before you even think of comparing UAE to those places.

[DoBuy]

Originally Posted by Stephendxb

An interesting post, but I must point out that buying and selling property is not like buying and selling on the stock market. It should be viewed (in my opinion, as a long term investment) not for short term gain, which is now to the detriment of many speculators with very little or no understanding of real estate. That said, if you had been a savvy investor you would have sold in the second / third quarter of 2008 and not 2006. So I guess you are now renting….if so that’s money down the drain.

As for you friend leaving his car, I hope he realises that walking away from his financial difficulties doesn’t mean they will just disappear, in fact it will probably end up with him having even worse repercussions later down the road. Financial debt is a global institution.

If you understand real estate, then selling now is not the best option. However I concede certain individuals may have no other option, but I would recommend independent financial advice to many. (It’s free)

Enjoy your swim….

Great post

[jonwell]

hi,
thank you for the comments i have read them all, no i don't regret selling at all a profit is a profit not on just some paper. i really laugh when i read comments about dubai being the next hub...dream on dreamers. dubai is already handling shipping cargo from china etc. but there is no industry or services and besides we should have all learnt by now that services can be move from one place to another. As far as torisum excuse my spelling it's expensive for the average joe public. and no way will it be ever the next hong kong now your really dreaming. it's running out of oil and investors have abandoned dubai hence the bailout from abu dabbi. in fact abu dabbi is the main creditor to dubai. You can't make a hong kong just out of thin air it's been around 100 years and it manufactured in large quanties from electronics to toys to watches to sports wear. singapore is excatly the same it manufactured electronics, toys, batteries etc.. it also had insurance insitutions and strong banking sector which is still strong and now they are coming out of this global mess. their GDP is up by 2% while dubai never even got a look at. even the IMF refuse to bail it out.
i am not the one sorry i have done it and soon looking to exit my investment before the next coming bubble. hey i am comfortable i can't and won't pridict the top or the bottom but i would be happy to come out nicly rewarded in between and move on to my next venture.
oh by the way i haven't got a pool but i have quotes in the region of £55000. and looking for the right design then maybe invite you to jump in to if your still holding on to dubai....lol
there is no long term make or break that's the name no point enjoying yourself when your 40 or so enjoy while your young....

[Dod]

Jonwell, I agree with much of what you say ie Dubai has a big problem with huge oversupply, and needed to be bailed out by the Federation.

Many of us could not understand why people were still buying one year to 18 months ago when the market looked risky to say the least for many obvious reasons (which I could list if anyone wants).

I also think you did the right thing selling in 2006 – you had made a target profit and cashed up. People I spoke to at the time said you just have to sell up before the crash. How they thought they would know when the right time to jump off would be is and was beyond me (and beyond them as it turned out).

The simple point I was making is that it is going too far to say that Dubai has “nothing” to offer. Dubai cannot hide from negative press – it deserves much of it. But it is not simply going to fall into the sea as you would think by reading recent articles.

Dubai grew at a relatively sustainable pace due to it being a natural trading hub until the world circumstances earlier in this decade when it had a rush of blood to the head and took on too much.
The fact that they forgot to make proper arrangements for sewage and it is now is pumped just off they beach in Jumeira 3 as it is still so low on the long list of issues to be addressed, is evidence enough of that.

However, the underlying trading hub advantages remain and Dubai will drift back to its original growth rate.

Many people who bought late are hurting now, and they are paying the price for the lower price levels to come which will help businesses and individuals still here as high prices were killing Dubai’s competitiveness.

[Dod]

Forgot to mention Jonwell - didn't you know 40 is the new 30?!