JacksonSelquick Posted February 5, 2009 Share Posted February 5, 2009 Link to comment Share on other sites More sharing options...
longhornguy Posted February 5, 2009 Share Posted February 5, 2009 Things aren't all as rosy as they would like you to believe in Dubai. I have lived there myself for close to three years (2004-2007) and still have several friends that live there. Apparently the city-state is getting hit hard by the worldwide real estate bust and the credit crunch. There is even talks of them getting bailed out by Abu Dhabi.My friend actually owns a Condo in Old Town (on the Burj Dubai grounds) and his property value has plummeted in 3 months. He's now upside down on his mortgage. The bright side to this story is that the banks in Dubai made these mortgages without any type of proof of income or even a social security number. (Think California real estate bust on steroids) Now, a lot of companies have pulled their expats back from Dubai and these people are simply walking away from extravagant mortgages, having $20,000 going away parties paid for by a credit card from a local bank and driving their cars to the airport (only high-end German and Italian models of course) and simply leaving the keys in the car and the doors unlocked for anyone who wants it. While they simply hop on an airplane back home, planning to never return to pay their debts. Apparently these aren't isolated incidents, but a semi-epidemic. There are reports of hundreds of cars with no owners at the airport.Now you know the little known, seedy side of the Arabian Paradise. Link to comment Share on other sites More sharing options...
BryanS Posted November 27, 2009 Share Posted November 27, 2009 Things aren't all as rosy as they would like you to believe in Dubai. I have lived there myself for close to three years (2004-2007) and still have several friends that live there. Apparently the city-state is getting hit hard by the worldwide real estate bust and the credit crunch. There is even talks of them getting bailed out by Abu Dhabi.My friend actually owns a Condo in Old Town (on the Burj Dubai grounds) and his property value has plummeted in 3 months. He's now upside down on his mortgage. The bright side to this story is that the banks in Dubai made these mortgages without any type of proof of income or even a social security number. (Think California real estate bust on steroids) Now, a lot of companies have pulled their expats back from Dubai and these people are simply walking away from extravagant mortgages, having $20,000 going away parties paid for by a credit card from a local bank and driving their cars to the airport (only high-end German and Italian models of course) and simply leaving the keys in the car and the doors unlocked for anyone who wants it. While they simply hop on an airplane back home, planning to never return to pay their debts. Apparently these aren't isolated incidents, but a semi-epidemic. There are reports of hundreds of cars with no owners at the airport.Now you know the little known, seedy side of the Arabian Paradise.Right on the money (also describes what happened in South Florida). Didn't Abu Dhabi help them a few months ago? And everything looked stable... Not anymore... Not sure why Abu Dhabi - which has like $900 billion in assets? - would let its little brother just hang out there like that... oh well. Link to comment Share on other sites More sharing options...
lockmat Posted November 27, 2009 Share Posted November 27, 2009 Right on the money (also describes what happened in South Florida). Didn't Abu Dhabi help them a few months ago? And everything looked stable... Not anymore... Not sure why Abu Dhabi - which has like $900 billion in assets? - would let its little brother just hang out there like that... oh well.Speak of the devil...http://online.wsj.com/article/SB10001424052748703499404574561303189734222.html?mod=article-outset-box Link to comment Share on other sites More sharing options...
houstonmacbro Posted November 28, 2009 Share Posted November 28, 2009 Right on the money (also describes what happened in South Florida). Didn't Abu Dhabi help them a few months ago? And everything looked stable... Not anymore... Not sure why Abu Dhabi - which has like $900 billion in assets? - would let its little brother just hang out there like that... oh well.Aren't these independent states/countries. That would be like the US bailing out Canada. Why?Speak of the devil...http://online.wsj.co...icle-outset-boxIt was a bubble that was bound to burst. I mean, c'mon. This really was a house built on sand. Link to comment Share on other sites More sharing options...
BryanS Posted November 28, 2009 Share Posted November 28, 2009 Aren't these independent states/countries. That would be like the US bailing out Canada. Why?They are all part of the United Arab Emirates, UAE. Federation of emirate states/governments. It would be like citizens in one US state donating food to help people of another, neighboring state, ravaged by a hurricane. Except in the Emirates example, it would just money flowing from one emirate (the filthy rich one) to another one (the idiots who spent beyond their means). Link to comment Share on other sites More sharing options...
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