The Dark Side of Dubai

[perry]

One of the best articles I have read on globalisation and the truth behind the glitz. For full article click here

http://ssff.wordpress.com/2010/01/25/la-gran-mentira-de-dubai/


Globalisation in One City.
I ask the Filipino girl behind the counter if she likes it here. "It’s OK," she says cautiously. Really? I say. I can’t stand it. She sighs with relief and says: "This is the most terrible place! I hate it! I was here for months before I realised – everything in Dubai is fake. Everything you see. The trees are fake, the workers’ contracts are fake, the islands are fake, the smiles are fake – even the water is fake!" But she is trapped, she says. She got into debt to come here, and she is stuck for three years: an old story now. "I think Dubai is like an oasis. It is an illusion, not real. You think you have seen water in the distance, but you get close and you only get a mouthful of sand."
As she says this, another customer enters. She forces her face into the broad, empty Dubai smile and says: "And how may I help you tonight, sir?"

 

[azerty]

Dubai is not more or less fake than the current western global economy and its spiraling debt black hole. It gives an artificial impression of wealth that is not based on anything real. Work is not valorised but assets are at insane levels (including real estate).

All this is a mirage, like Dubai.

 

[SaraSara]

Excellent and scary article. Thanks, Pericles.

 

[steveinbsas]

I'd rather own a property in BA.

http://www.marketoracle.co.uk/Article9297.html

This article is a bit dated...though I don't think Michael Jackson has much to worry about now.

 

[unstuck]

I've said for years now that Dubai was an "'IT" city/country that had a crash coming.

Argentina was once an "IT" country, too. With lots of oil and money and constant construction. You can tell by looking around how much fabulous and ostentatious architecture was built in the 30s 40s and 50s here. You can also tell how it crashed -- you can see it in how poorly maintained many of those buildings are. Look at that sad, dark, eerie looking building on the corner of Callao and Rivadavia, right beside Congresso for a good example. Highly decorative, glamourous building left to rot.

But maybe it's during a crash that it's a good time to invest -- don't you wish you had bought properly in Buenos Aires in 2002?

 

[steveinbsas]

But maybe it's during a crash that it's a good time to invest -- don't you wish you had bought properly in Buenos Aires in 2002?

Or even 2006...

The Argentine real estate price "correction" that stanexpat (among others) predicted for late 2009 never happened. Though real estate prices have not kept pace with inflation, they do continue to rise, especially in the most desirable areas.

The fact that real estate prices did not increase at the same rate as inflation might be considered a "correction" in itself.

 

[Quentin.Daniels]

Or even 2006...

The "correction"that stanexpat (among others) predicted has not happened. Though real estate prices have not kept pace with inflation, they do continue to rise, especially in the most desirable areas.

What are you saying? the real estate prices are rising but not keeping pace with inflation.... sounds to me like they are falling if you look at the bottom line.

 

[steveinbsas]

What are you saying? the real estate prices are rising but not keeping pace with inflation.... sounds to me like they are falling if you look at the bottom line.

Prices are not falling.

Values are.

And that's the bottom line

 

[Quentin.Daniels]

One of the best articles I have read on globalisation and the truth behind the glitz. For full article click here

http://ssff.wordpress.com/2010/01/25/la-gran-mentira-de-dubai/

"

That is a great article, thanks pericles. What disturbs me is their total lack of respect for the environment and humans rights.

 

[Quentin.Daniels]

Or even 2006...

The Argentine real estate price "correction" that stanexpat (among others) predicted for late 2009 never happened. Though real estate prices have not kept pace with inflation, they do continue to rise, especially in the most desirable areas.

The fact that real estate prices did not increase at the same rate as inflation might be considered a "correction" in itself.

Prices are not falling.

Values are.

And that's the bottom line

Thanks for the clarification, but if values are falling doesn't that mean we should be concerned about a possible "correction"? and did a "correction" happen or not? I am a little confused by what you added to your post, you are first saying a "correction" never happened and then you say it did? explain please since I am now looking to purchase an apartment in Belgrano. If you know of an English speaking Realtor that works Belgrano let me know since the one i am dealing with now does not understand that I do not want to buy an apartment and then pay rent every month in the form of expensas.