Posted on: 13-02-09 09:27:00
There is a front page article in some newspapers in India about cars being abandoned in Dubai airport with note attached that they cant make payments for the residence and car. As the economic slowdown is creeping Dubai, those who got laid off (mainly North Americans and Europeans) have gone back home fearing jail term as per local laws for not paying their mortgage and loans. Looks like RE is not doing that great as it used to be. Others who are in Dubai / ME please throw more light?
KM
Quote:
Originally posted by KumarM
There is a front page article in some newspapers in India about cars being abandoned in Dubai airport with note attached that they cant make payments for the residence and car. As the economic slowdown is creeping Dubai, those who got laid off (mainly North Americans and Europeans) have gone back home fearing jail term as per local laws for not paying their mortgage and loans. Looks like RE is not doing that great as it used to be. Others who are in Dubai / ME please throw more light?
KM
Hi Kumar,
Dubai is in huge recession, as everything in ME revolved around real estate. Lots of lead-projects run by some top-of-the-line companies are kept on hold. Many people have be laid-off. And its true, that there are more cars with keys parked in the parkin' lot of the airports than anywhere else. Its more difficult for people with families as its becoming difficult to meet both the ends. Either they go for good back to their countries or send their families back.
This is just the start.. things will be worse in coming months.
Regards
ProTrax
i dont want any one to take it in the wrong sense and i am sorry if i hurt any one ... but .. its now time for those who have been cursing canada in this forum and lauding middle east and DUBAI mostly to have a look to what is happening in dubai....
well i am in dubai and not in canada ... so i should not say anyting more ... but it is human nature and most of all Desi nature not to be satisfied or value what you have ... rather praise what you dont have .....
regards.
kash.
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KASH
Canada is not far behined ME !!
There are lots of people who live pay cheq to pay cheq. Not to go into detail ... most of you might have observed this.
Canada has the immigration scam going on !! People bring money to Canada upon immigration.. then somebody tells them to buy a house instead of renting and then they spend rest of their lives trying to pay the mortgage. This happens to 80% of the immigrants. Both husband / wife will work for $ 10 /hr or so .... and you can imgaine the rest.
With this recession.. skin colour will come into play (BIG TIME) and even these jobs will become difficult.
“The end of this month is expected to accelerate the departures among two of the largest white-collar expat communities, Britons and Indians, as it signals the end of the Indian school year and British schools' spring term. Many employers have aided sacked staff, especially those with children, by extending visas so they do not have to leave quickly. Britons have also been wary of tax liabilities caused by returning before April 1, the new UK tax year.”
Full story
http://business.rediff.com/report/2009/mar/17/ft-good-times-end-in-dubai.htm
