Rental Property Investor 路 TX 路 Member since 2021 路 3 posts 路 0 votes
I was curious to know with so many macro economic events going on in the world right now, how is the current ground situation of Dubai Real Estate look like. Also what is the outlook or perspectives looking ahead till the end of 2023.
And what areas are projected to have a population growth in Dubai and what are the possible reasons around that. Meaning there are lot many AI, machine learning, drone transport and many other tech Innovation projects taking hold on Dubai and hence thinking whether theae will bring in the next wave of population growth in Dubai and hence create the demand for more housing and hence grow the real estate market further.
Ownership rights and civil rights are not the same as they are in the United States.
Quick story: You are not supposed to live in the country without a job sponsoring you and if you are behind on bills, you get thrown into debtors prison. During the 2008 downturn there were a lot of people that lost their jobs in Dubai. Knowing they might have trouble making car and rent payments, there was a mass exodus. It took years for them to find and remove all the abandoned cars from the airport parking lots. Those people weren't paying rent either.
Ownership rights and civil rights are not the same as they are in the United States.
Quick story: You are not supposed to live in the country without a job sponsoring you and if you are behind on bills, you get thrown into debtors prison. During the 2008 downturn there were a lot of people that lost their jobs in Dubai. Knowing they might have trouble making car and rent payments, there was a mass exodus. It took years for them to find and remove all the abandoned cars from the airport parking lots. Those people weren't paying rent either.
I invest almost exclusively internationally but I personally wouldn't touch Dubai with a 10-foot pole, irrespective of the macroeconomics (if I wanted to invest there, I'd wait for the next crash). The main reason is that I won't have the same rights as the citizens so I'll be treated as second class, with all the risks and potential problems resulting from that. There are so many other countries that treat foreigners equally to their citizens so I'd rather put my money there. But that's me. If you still interested in investing there, a friend of mine is an awesome realtor there so I can put you in touch.
Fantastic points Scott and Mike and really appreciate your insights. I obviously was not having these perspectives as well as I wasbgoing by some favorable press which came out some months ago about government there promoting the hotel apartment concept amidst other freehold areas. But that is why I wanted to dig more and I was sure to get great minds chime on it. Thank you to both of you!!
Mike, I was curious to know of the other favorable international locations you were talking about or point me to any other discussion where you have already commented on a similar theme and I will do the homework.
In all I guess it is great guys like you folks willing to share thoughtful insights which make this platform great!! 馃檹