Did you all catch the Dubai segment on Sixty Minutes last night? Quite amazing and so true - that it is hard to believe all the incredible wealth. Can you imagine your commission checks....
Check this out the powerpoint... click here. If you are going to rent a flat in Dubai, the landlord expects a whole years worth of rent. So that shoots the majority of Americans who live paycheck to paycheck right out of the water. But, hey there's no taxes and no taxes on your personal income! As you might have guessed the services are really cheap there.
Okay, what is the downside...well they don't have to worry about getting their concept plans approved. While I was in Kuwait last month, I read how you settle on the property that appeals to you most or comes closest to your specifications. You sign the contract then arrange finances, or vice versa. From there on it is step back and watch.
The real kick in the butt:You have no input in decisions on size, layout or design, much less on materials, contractors, etc. Nor were you allowed any input or permitted to make modifications in the contract. It is a completely take-it-or-leave-it proposition.
Builders and developers have flocked to Dubai and Kuwait the last five years. Dubai now has some $200 billion in building projects, and needs more and more cranes to complete its projects. However, manufacturers can’t make cranes fast enough and the second-hand market has been largely cleaned out.
Well, I for one would be very skeptical about purchasing property there for many reasons. How about you? Homepage. More Dubai.
