Adie writes

It is clearly visible that people are not very tolerant of each other here in Dubai. No surprise there, because with so many nationalities here, everyone is really here to make a life for themselves, so really social interest is not on their agenda. I agree with the writer that Dubai Government does need to step in and should have stepped in much earlier to disallow this senseless spike of rent / property prices. All these short-term money rollers have not done any service to the overall development of this place.

For the one’s who are commenting, that they are upset about the complaining lot, because while they made profit by ‘PLAYING’ the market well, it’s only the losers who are complaining, I only hope for them that they can ride this recession wave. I actually sense more PANIC in their voice than in the one’s with genuine complains about the unbearable cost of rentals, less the prices do drop and they lose the value of their assets. I think their anger is about right, as they do need to panic.

Clearly common sense does not prevail here. Exactly from whom are these property portfolio holders and landlords going to get these returns from? From the ongoing redundant high level staff, declining company rent allowances, reducing work force or from the rest of the world who are seething under recession. They better import or find some people with money to spare in these difficult times, who are willing to lease out their expensive condos soon. The facts do say otherwise…but they clearly don’t see the facts.

It’s a lot of liability they now have …and are hoping at their wits end that the prices do not drop, because all the shiny numbers of returns would just turn into meaningless figures and plain junk investments. They really need to ‘smell the coffee’ because arrogance and outbursts on people’s comments on the difficulties they face with rising costs really would change nothing.

It’s plain economics…and for a place that depends heavily on imported earnings and investments; it would surely import the impact of the worldwide recession as well.

Yes, the correction / rather a major correction is needed in Dubai, not just for the prices but in the attitude as well. People should understand that sustainable lives are built on correct policies and principle and value for lives at all levels. You cannot build a place only with developers, real estate agents and property investors…though they may believe that to be true.

Only time would tell …if this place would again re-create it’s cherished haven image again for people at all levels.