Ive delibiratly left off posting like a nutter on the matter of that "healthy correction" (Abaars words) that weve been having.
I was intrested in seeing the effects, both good and bad, of a market correction such as this. The older traders say its happened before in the late 70s, but yet alot of them were puring money in.
Then the gong sounded, and speculative buyers fled. Thousands of expats left. A number off the top of my head is 70000 filipinos (GNews). If we account for a population of 1.2M in Dubai, thats about 5% of our population. Thats just Filipinos.
So speculation moved. From freehold property sales, to rentals. No wonder people were running.
Then some fellow from RERA (the real estate authourity) decided that we didnt need rent caps because "2009 is a tough year".
The actions of the speculators on both our stocks and real estate markets not a lesson? Emaar is at 2.05 Dhs today.
LUCKILY, and the sole reason I am posting this is because of hope: Sheikh Mohamed issues a decree in effect saf-gaurding consumers from high rents, and RERA issues a market rent index
Oh, and Obama, the first black president of the United States was inaugrated today.
Change has come?