delcbr

was watching this program and it really makes you feel poor in comparison.
with all the worlds problems theres people there with more money than there is sand!!!!!one of the people bought a number plate for 2million dollars and a murchelago versace Lamborghini the only one in the world an extra 600 thousand dollars!!!
it makes them seem so selfish dont you think?
there was a flat for sale at 17 million dollars!!!

nik52wrx

Its not all rosey out there at the minute. I work in construction and there are projects being put on hold all the time. Our company has laid of staff there and so have others.
However, they do spend obscene amounts of money

97TURBO

I think its brilliant what they are doing, you only live once and while you have the cash, spend it.
I dont see it falling apart either, certainly not in the forseeable future.
Their taste is definately not in line with my own, but thats normally the case with the super rich.

As for Piers, why the **** is this ***** on our TV's?

Deep Singh

Agree with Nat and Nik. A friend of the family emigrated there last year as a tax exile. He was a big time property dealer here and was hoping to do the same there (doesn't actually need to but its in his blood)

saw him last week and he said things were quite bad there. Property is not selling, prices are down. I'm not sure if he was being melodramatic but he told me stories of people abandoning their cars because they couldn't afford the payments.

He also told me tales of 'flipping' on a huge scale. People buying property (starting as one flat and then progressing onto a floor then a whole high rise building) where they bought off plan with 10% down. They would then sell on for a profit before completion for a profit. The buyer would do the same. This merry go round had to come to an end, and it has. People worth 10s of millions one day are now bankrupt because they can't sell on.
I know the same thing went on here, but over there it seems like it was on a huge scale.

The oil rich arabs will always have money, but alot of other people are having their bottoms spanked out there. What a shame...

ps I still believe Dubai will survive. It will have a huge set back, but then bounce back at some point. For some reason, that for the life of me I can't understand, westerners love it as a tourist destination. I spent three days there and was bored out of my head, but others love it and will love it even more when they build Dubailand etc

Leslie

I don't have any time for Morgan, would not trust him an inch. He presented the programme well enough though. I did watch the programme and it was very interesting to see it all. I got the impression that it is full of people who want to say"look at me", but if that is how they want to spend their cash-good luck to them. I wonder if it will keep going, there will be a fair few bankers who could easily afford to live there though.

Les

Diesel

All this investment out there and 'amazing' homes built on sand in the sea. All you need is a bit of an Ayatollah coming in and a bit of sharia law and all those that don't point their bum in the right way in the morning prayer may well be packed off home! Possible???

D

Luan Pra bang

The Dubai Property market was all based on buying square footage off plan and selling before the next payment is due, there is no mortgage system there so when you buy you must have cash, if you cannot sell or pay the full amount when the next payment is due then you lose the lot. Many brits have done well by paying the first payments on a flat then selling at 20-30% profit before the next payment is due. It seems to be a perfect example of an accident waiting to happen but we shall see if the sheikh lets it crash.