The Mess That Greenspan Made: The Dubai real estate crash

The Dubai real estate crash

Thursday, February 05, 2009

It sounds like they're having a Wile E. Coyote moment...

10 comments:

Anonymous said...: Fascinating... And the RE broker thinks it'll only be slow for "3, 6, maybe 9 months." Yikes.; February 05, 2009 8:56 AM
Anonymous said...: 3-9 months she's way off... try about 3-5 years min. Probably another 15-20 before we see the prices of 2006.; February 05, 2009 10:56 AM
Anonymous said...: What an ugly place.

You couldn't pay me to live in one of those "luxury" human antihills.

And what view? Putrid greenish water, concrete, steel.

All in a year round bleak sweatbox of a location.

Ugh!; February 05, 2009 11:22 AM
Anonymous said...: Not only no buyers,

but there appear to be no people around at all...

creeeeepy.; February 05, 2009 11:44 AM
I'm Not POTUS said...: Say good by to Airbus. Why does Emirates air need a fleet of A380 to fly no one to Dubai?; February 05, 2009 12:13 PM
Anthony Alfidi said...: Some financial haiku:

When the oil runs out
What will they sell to the world?
Why, camel burgers!; February 05, 2009 3:39 PM
Anonymous said...: 3 to 6, maybe 9 months before things turn up... Funny those shades she's wearing don't appear to be rose-tinted.; February 05, 2009 3:53 PM
Tim said...: And then there's this: Driven down by debt, Dubai expats give new meaning to long-stay car park

Now, faced with crippling debts as a result of their high living and Dubai’s fading fortunes, many expatriates are abandoning their cars at the airport and fleeing home rather than risk jail for defaulting on loans.

Police have found more than 3,000 cars outside Dubai’s international airport in recent months. Most of the cars – four-wheel drives, saloons and “a few” Mercedes – had keys left in the ignition.; February 05, 2009 6:22 PM
Anonymous said...: I was in Dubai in November and drove over to Abu Dhabi. There were more than 100 new, large towers being constructed. Many more had been finished in the last 2 years. The lights from the construction sites showed right through the buildings as most were empty. Dubai is a facade. They will never fill those buildings. When the temperature is 120 degrees, the cost of airconditioning them and keeping the machinery running in spite of the dust will be massive.; February 05, 2009 6:55 PM
Anonymous said...: Move out the 10 or so people who still live in that city, and turn it into a huge virtual reality Halo game. Now that could be fun.; February 06, 2009 5:06 AM

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