CNBC mentioned briefly that mid east oil rich markets sold off today hard.Imagine what will happen to the mania in dubai?All that overbuilding and palm island hype...Who the f would want to live there under weird rules anyway.That is one overhyped bubble waiting to have reality hit it.
You know I guess it really is true that once the world's tallest building is being built, it's time to sell. That was the case with the Empire St. building, I believe. I think it's indicative of the last, maniacal upthrust of real estate investment, just before it comes crashing down.
Read about a couple who were arrested for having sex on the beach at night. They will each be in prison for years. Sorry... someplace that is supposed to be paradise won't have a problem with screwing on the beach at night!
has anybody seen that palm island residential area?ugly and ridiculous and sure sign of a top...A mammoth project though....most of those homes are 3rd or 4th residences and a lot were being flipped no doubt.There was a lot of appreciation in them.
I've spent some time in the middle east, and it is true that money isn't always synonymous with good taste.
The middle east is falling because of oil, not dubai's entrance into the ultra-wealthy domain. It is not necessarily true that Dubai will fall
im sure most of the construction there is based on 60-70$ oil... i wonder how many future projects were based on 100-150$ and how many of those projects are gonna be scrapped.
bahrain,qatar/doha,abu dhabi,kuwait are also some of the other oil rich city/states which must have seen same type of spec.Any etf's for this region?