This post came about because I have been reading a lot of news articles about Dubai becoming an ‘expensive’ city… where establishments are charging people with out-of-this-world rates that a PR guru even said that Dubai will lose its luster to the tourists if the country will carry on like this.
I think the guru is right.
I have been here for the past 5 years and I saw how Dubai flourished!
Construction projects were sprouting like mushrooms… thousands of people have seen this place as an ‘ideal’ place to live because petrol was cheap, credit cards were being given as if it was the ‘in’ thing and the cost of living then was not expensive.
Seeing Dubai’s fast growth, a lot of investors have capitalised on this and starting increasing their charge rates. The basic commodities, clothes, rent and hotels went up… I think almost everything went up.
Suddenly, people do not see this as an ‘ideal’ place to live… however it’s too late to say bye-bye to Dubai because most of the residents here have incurred a lot of debts… either by their loans or by credit cards… others were due to the property or the car that they have purchased.
Who would have thought that the recession would hit Dubai? The people here were confident that this country will not be hit (I wonder where are those philanthropist who predicted that…).
Yes, Dubai is now beginning to look like a ‘millionaire’s paradise’ because of the rates shooting up… the goal is to earn! earn! earn!
I just wish Dubai would slow down and think of ways how they can attract the tourists by its residents.
The rents should really go down…. and so are the basic commodities too!
I guess these will all be part of my wish list this Christmas!!