Out of house and home
The faux-ancient Souq Al Madinat throngs with multicoloured crowds tonight, as flocks of glittery saris pass burnt-lobster Liverpudlian tourists, interspersed with robed emiratis swishing through clumps of stocky US marines.
Schoolmarm Margery is glowing brightly herself from an afternoon's baking by the pool. She laments a "lecherous old git" sitting underneath the shade-awning leering at her lily-white form.
"No wonder the local ladies were sunbathing in abayas," she comments.
While Margery browses the overpriced factory-fresh produce in one of the Souq's many "antique" shops, neighbours from a former life pass by and stop for a chat. Having expanded their family, they are desperate to find a larger flat but can't find a two-bedroom below Dh80,000. Even a tiny one-bedroom cell, Dh25,000 two years ago, now rents for Dh45,000.
"Anything below Dh50,000 for a one-bedroom is a steal," they note sadly. "But we need at least two bedrooms."
Despite her new son, the wife is having to work full-time to help afford their current place, cramped as it is. The waiting list for cheap cells in Guantanamo is so long that applicants are just turned away. Even queue-jumping via a several-thousand-dirham "service charge" is no longer an option.
Passing by the massive Marina towers on the way home, only a handful of windows are lit up. Flats there sold out nearly 100 per cent off the plan, yet nearly all remain uninhabited. While unseen, unknown, overseas investment buyers snap up property inflating the market beyond the reach of ordinary people, actual residents cram themselves into tiny cubbyholes, relocate to Sharjah, or repatriate their families and move into bachelor dormitories.
Schoolmarm Margery is glowing brightly herself from an afternoon's baking by the pool. She laments a "lecherous old git" sitting underneath the shade-awning leering at her lily-white form.
"No wonder the local ladies were sunbathing in abayas," she comments.
While Margery browses the overpriced factory-fresh produce in one of the Souq's many "antique" shops, neighbours from a former life pass by and stop for a chat. Having expanded their family, they are desperate to find a larger flat but can't find a two-bedroom below Dh80,000. Even a tiny one-bedroom cell, Dh25,000 two years ago, now rents for Dh45,000.
"Anything below Dh50,000 for a one-bedroom is a steal," they note sadly. "But we need at least two bedrooms."
Despite her new son, the wife is having to work full-time to help afford their current place, cramped as it is. The waiting list for cheap cells in Guantanamo is so long that applicants are just turned away. Even queue-jumping via a several-thousand-dirham "service charge" is no longer an option.
Passing by the massive Marina towers on the way home, only a handful of windows are lit up. Flats there sold out nearly 100 per cent off the plan, yet nearly all remain uninhabited. While unseen, unknown, overseas investment buyers snap up property inflating the market beyond the reach of ordinary people, actual residents cram themselves into tiny cubbyholes, relocate to Sharjah, or repatriate their families and move into bachelor dormitories.
7 Comments:
sad but true...
God bless
I doubt that even the Marinas Towers are fully sold - we see Real Estate agents going up and down in the elevators all the time. There are probably more estate agents in the building than there are residents.
We also 'heard' that the Jumeirah Beach Residences were 87% sold off the plans - yet they still build a multi-million dirham sales office to sell the remaining 13%?
There has to come a time when Dubai stops trying to fool the world with its glitzy marketing which is trying to generate interest from the rich and fabulous to come live here. Sales of property from one sister company to another does not constitute a booming property market.
It's already leading to rampant inflation and possibly a property crash - wait until the people who have bought "palatial houses" on the Jumeirah Palm discover that they can actually see what their neighbours are eating for breakfast. It looks like an upmarket ghetto out there.
This is only hurting the average people who are trying to work and live in the country. Sooner or later, someone is going to have to realise that there aren't that many millionaires in this world that want to live in the UAE.
NZM it couldn't be said any better. Thank you!
The property market in Dubai is heading for a catastrophe and the 'poor' people who are struggling to make ends meet after paying half their income to a greedy landlord will be the primary temporary beneficiaries.
nzm, you are right. Reminds me of of those real estate agents. I have just realized that none of them actually do anything. A real estate agent, in my book, would be someone you hand over a description of what you want.. and they would go do the legwork to find something fitting your requirements.
Here, you have to go through all the numbers on the papers, asking if they have something or not. Then, if they happen to have what you can live with, you pay them 5% of that annual contract. Really? If anyone should be paid any money, it's you who's making all those gazillion phone calls trying to find the real estate 'agent' who has that apartment you're looking for. Horrible.
I have considered purchasing a 'lease-hold' property in Dubai for awhile, but after careful consideration, I decided I should spend my money where it will be of value to me. Dubai is a great city, but it can never be a home.
Mohammed, it is sad but true:Dubai is a great city, but (till now) it can never be home. I wouldnt be surprised if much of vacant propert is owned by foreign folks. I have read about it before somehere.
secret - you double-posted so I deleted the duplicate.
What I still don't understand is that why are these properties are still called 'FREE' hold??!!!
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