Quote:
Originally Posted by baystater
Can you say irrational exuberance.
If my history is right wasn't Lebanon the Paris of the middle east at one time. Now it a war torn mess. I mention this history because Dubai is so close to Iran and Iraq a all there problems. Plus who is to say if some other middle eastern country won't get jealous of Dubai and start making trouble for the country. Sorry. But if I was to put my money in for the long run I wouldn't be in Dubai. The whole middle east in my mind is still too unstable to trust for the long term investments. But if your a short term investor.........maybe.
Also let see if we see alot of new investment into Dubai from the Chinese and all there new found wealth. Thing should get intersting if they do start investing there. I'd like to see there ROI in 10-15 years if they do.
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Did you watch the part where the Palm islands sold out 25,000 homes in a matter of day (or hours, can't remember now). They were then walking through the neighborhoods a month after Grand Opening and it looked like a ghost town. Hmmm, sounds like Miami.
The funny thing is is that the average UAE resident can't afford anything in the new "Dubai", and like you said baystater, that economic disparity leads to societal problems and strife.
It's also interesting that the Sheikh layed out his whole vision in January 2000, 9 months prior to 9/11, as if he knew there'd be an opportunity to vault Dubai into a "New York" alternative.
But that's another topic unto itself....
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A short term investor.
