The blocks of empty luxury condos look eeriely scary. The party has finally ended. My only surprise is it took this long.
In a way, I kinda pity Dubai. Everyone flocked here to make a quick buck. Build big, buy it off the plan, (forget whether you can afford it in the first place), then flip it. Now, Dubai-an’s are left to sort out the mess. Imagine, the monthly fee for a carpark in DIFC is RM2k, and lets not forget, despite everything, this is a desert we are talking about!!
I think it will be a long time before the excesses are cleared out. Dubai will never be the same again.
Abu Dhabi on the other hand, is a different story. Despite its deeper pockets, it has refrained from undertaking the outrageous kind of publicity and world record breaking kind of projects, unlike its flashy younger brother Dubai. It’s development plans seem more holistic and takes into account the social aspects of the society; healthcare, education etc. It certainly looks more sustainable, but again, I hate to underestimate the contagion effect. Markets can overshoot, it can also undershoot.
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On a separate note, I overspent. Shit. I probably didnt really need the second suit. So much for trying to save $$$..sigh…
Posted by maxthecat80 
