Sunday, October 09, 2005

Delving into the property prophecies

A hugely eye-opening post from Secret Dubai concerning the property market and her media mate Kiki's dream. A short extract:

"We knew instantly that the Dubai Revolution had begun - poorer people couldn't find anywhere to live any more, and were taking over. We rushed home - there were thousands of people in the streets - not just Asian labourers, but white, poor Europeans trying to force their way into people's homes.

Click here for more.

On a side note, i wonder who buys these properties when premiums are greater than fifty percent in most cases. As most banks daren't risk financing the entire premium and the ten to thirty percent downpayment against the original value of the property, surely it is no surprise ordinary residents feel the 'soaring property market' is driven by speculators.


Blogger * said...

its all about the money,its all about the dum dum da di di dum.....

10:57 pm GTS  

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