Dubai Real Estate Blog

Real Estate Market in Dubai

What’s the Mood in Dubai Like Now?

When Dubai World requested a debt “standstill” two weeks ago, this made headline news around the world. Actually, I found that a bit surprising, all this media attention. In the world of economics, this is far less unusual than is now being suggested. Well, yes, but here we’re talking about Dubai, aren’t we? And apparently, for the emirate other standards do apply.

So where does Dubai stand now?

For me it has always been immensely important to see what’s happening on the ground, and, most crucially, to see this with my own eyes. So of course, EVERYBODY in Dubai is now talking about the standstill. Or wait, that was actually two weeks ago. Today everybody was talking soccer/South Africa… Even me. By the way, I think England will be winning in 2012. We’ll see. You’ll see.

But I’m digressing. The point is, people just don’t seem so very bothered, nor worried, here in Dubai. The amount of parties is exactly the same. (Whereas a reduction as well as an increase could mean trouble, right?) Construction is going on as always. This is something you can have no doubt about, as building is pretty noisy business. I mean literally. And the construction sounds are exactly as disturbing as always.

My own opinion is that Dubai (and the whole of the UAE) is too big to have serious problems. Too big and also too strong. But there is more to the story. Dubai, UAE, is the only Middle Eastern country where East and West are in complete and perfect symbiosis (more so than in London or Paris!). Just theoretically, if things turned really ugly, the West, and by this I especially mean Uncle Sam, would and could never let Dubai down. Because Dubai is the historic melting pot like no other that completely transformed the Middle East and the Islamic world into a significant part of MacWorld. This project will have too be continued. No one can seriously doubt this. If there was no Dubai, it would have to be invented. Luckily, we don’t have to.

For now, let’s just play around with our money and make some super Dubai investments. In about one month, when everything is back to normal, this will have made us pretty happy.