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Yesterday's update from ArabianBusiness.com "House prices on the Palm Jebel Ali ... have fallen by as much as 40 percent in the last two months as the global financial crisis sees foreign investors move to liquidate assets in Dubai, according to three Dubai-based real estate agents".
Miriam, Bristol, UK
Its, Its it World Haven. Relax and enjoy your life. No crime and Scam.
Kib, London,
Dubai is a paper-city! This thing will come down fast and the true face of this part of the world will make the investors look really naive and silly.
kjll, oslo, NORWAY
It is true, UAE is not a country where you could retire, Dubai has a heavy traffic which could drive you mad and summer heat is just too much. If you want to invest in the UAE it would be more like a gamble as some of the projects never started and left investors dissapointed.
John, London, UK
Dubai is a country along with other UAEstates which has 0.001 rate of crimes.Dubai is multi relegion country,Muslims hospitility is world known, Speacialy Arabs,Pakhtoons.To have peacefull like without worries is only in UAE.If the Westren,American do not distiblise it.
wazdan, new york, USA
And if the oil price falls.....
Damian, Sussex, UK
All very well if you have the cash to buy in these new developments. Remember that many of these developments are only a few metres above sea level. If the surounding sea levels rise due to global warming, then you have bought a 'Pig in a Poke'. Also, many ex-Pat Brits who retire there seem to forget that Dubai is a Muslim country, not downtown Luton or Brighton. Quite frankly anybody thinking fo retiring there must be daft. The place may be stable and Westernised at the moment, but that could change too.
B clarke, Chelmsford , UK
This is an Arab country and if you believe that transparency and reasonable governance is the standard....you are a fool. Certainly there is a significant overlay of Western business practices in the UAE. This is required to attract expatriate money and investment but .... and this is the caveat, these principles are honoured only when they run concurrent with local thinking. A promise, an agreement and depending on the Emirati involved, a contract is as binding as is convenient to the local party. As I mention to colleagues...' volente non fit injuria' should be applied prior to any financial commitment - if in doubt ....don't!
Shane Osmond, Fremantle, Australia
We have bought property in Dubai and made money and also bought and lost money.
Why are people not being told of the enormous "hidden" costs of buying in Dubai. I have met people who thought they were better off than renting in Dubai and are now in trouble with huge fees.
1. Maintenance Fees that can be increased to ANY amount the developer wants (in the Green Community Properties maintenance fees went up by 300% in 1 year without explanation).
2. Municipality TAX of 5% of the rentable value of your property.
3. Large water and electricity bills because only expats are requred to pay (local Emiratis are not charged).
4. Mortgage rates that have increased substancially in 6 months. My friend's mortgage went up from 6% to 9% inn 6months.
5. One developer stipulated AFTER the properties had been sold to the owners that they could not rent them on short-lease.
6. One owner wanted to sell his property but the municipality said he could not evict his tennants.
F Shah, Dubai, UAE