Investing in Dubai Property is it worth it ?

[New investor]

Is there anyone on this board with a knowledge of the Dubai property market ?   There seems to be a lot of lower priced property these days out there and I would like to buy one but not if Dubai has had its day.  What do you feel the future holds ?

[Inside joke]

NI, Kubez here is taking the mickey at the real Kubes, who always comes a-I wouldn't invest in Dubai. I reckon it's peaked and it was all a bubble to begin with anyway. I mean, have you ever been there? It's a desert pretending to be a city.

No thanks, I prefer Singapore.

[to PP]

Well, at least he was correct about the previous crash in Sg property... I bet you weren't. 

[in Dubai]

I would expect that the place will pick up as the global economy continues to grow and we should be back on target for growth in Dubai again before too long.  The lower prices last year has brought chinese buyers out in force so the markets seem to have picked up again although there are a number of new units coming onstream this year, but again the chinese will buy them up probably and theyll be all gone in a few months is the price is right. It would still be a good buy back there but I think but will take a few years before you see serious gains.  If the chinese are buying into it, then it will rise.

[Dr. Phil]

Dubai was always a tranquil oasis very accommodating to visitors. It was peaceful and to those fortunate enough to live and work there it was a best kept secret.
It was always only a matter of time before it caught America's attention.
Dubai's magic has been destroyed by a global bank crisis and illegal invasions of Iraq and Afghanistan, both originating in America. The wars have destroyed many hundreds of thousands of lives and have displaced many more: many fled to Dubai inflating property prices which encouraged imprudent construction.
The first terrorist Act was committed by Jews in Palestine many years ago when they blew up an hotel and the same terrorists now commit state sponsored executions worldwide including Dubai.
There are better places to squander cash than buying property in Dubai. Especially if The Euro collapses or if we have a double dip recession. Perhaps the first is not yet over; the effects have simply been masked by borrowing and spending (stimulus) which has created more debt.

[What !]

Not sure what Dr Phil's been smoking.

Dubai is a tacky Las Vegas style speculative resort targetted at winter sun seekers from Europe. If that's your thing go ahead. people have certainly made money by speculating on property there, by buying and selling but most money has been made by real estate agents who just take their cut and/or bought off plan during the frenzy.

Personally I hate the palce and wouldn't buy at today's prices which are typically around 50% of the peak which was a fiction.

Much much better off buying in today's Singapore property market than you are in Dubai.

Don't buy without visiting the place.

[do buy]

The whole place is being bought up by the chinese who see it as a bargain, not sure why.

[aw]

waste of time place. weather is terrible, perpetually covered in a layer of dirt.  Populated by opportunists and yes-men from out of town (Singapore, beware)... no substance and unfortunately not much style either.  3Bs - Boast, borrow and build

[shapes of things to come]

It's just an illusion.  Lots of buildings and not much else.   They dont allow you to live there as a retiree and you cant hug or touch your girlfriend/wife in public without going to jail.  Maybe there is money to be made there, maybe not so, but I know I would not risk putting any of my money into it in case I dont ever see it again.   As it stands its a dusty construction site and all the money has gone from it now.  Its far more worthwhile buying property in Singapore or Hong Kong.

[Dr. Phil]

It's just an illusion.  Lots of buildings and not much else.   They dont allow you to live there as a retiree and you cant hug or touch your girlfriend/wife in public without going to jail.  Maybe there is money to be made there, maybe not so, but I know I would not risk putting any of my money into it in case I dont ever see it again.   As it stands its a dusty construction site and all the money has gone from it now.  Its far more worthwhile buying property in Singapore or Hong Kong.

Well you are correct about the retiree bit. 

Look at the big picture, what we (Expat buyers and western banks) are doing is building homes for the thousands of regional Arabs/ME citizens displaced by our acts of aggression.
These are people ethnically and culturally compatible for developing the small Dubai population.
It's a small price to pay. I do hope it works, sooner rather than later.
 

[singers]

Its best to buy in singers really methinks.  I wouldnt touch dubai with a barge pole. Soon it will be a destination for lager louts and chavs on cheapo package deals as an alternative to Ibiza.  When you look at it, it's the only tourists they will get.  The high class imgage has long gone.  Its a dust bowl with a couple of average shopping malls and some pretty strict laws.  Miss your mortgage or car payment for one month, or forget to pay your electricity bill and youre off to the slammer.