Saint in Paradise Posted 3 January, 2009 Share Posted 3 January, 2009 http://www.3news.co.nz/News/Once-Booming-Dubai-Goes-Bust/tabid/209/articleID/85922/Default.aspx?ArticleID=85922 Link to comment Share on other sites More sharing options...
dubai_phil Posted 3 January, 2009 Share Posted 3 January, 2009 More like sanity has broken out. People were paying more money for an apartment or villa that wouldn't be built for 4 years than an empty new one. So no, Dubai hasn't gone bust, simply that a lot of very greedy and very stupid people have. Much the same as everywhere else on the planet. The total Government spending of the entire UAE is around 40bil a year, and yet a private developer announced a plan for an 18bil demolition and rebuild of about half of the entire city of Dubai - all on borrowed money - insane. Compare that same percentage into the UK it would mean a SPECULATIVE property development plan worth 225 BILLION pounds. Enough to improve even Liverpool We're a lot better down here than UK, but nobody is being stupid in spending their money on "insane projects" any more and are certainly not borrowing any more. Oh and for the Fulthorpe guys - Kuwait IS the place having real trouble at the moment Link to comment Share on other sites More sharing options...
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