I overheard in the elevator

Yesterday on my way down to the car park, two gentlemen entered the elevator on the 18th floor. I didn't expect their conversation to be so interesting. One of them was a property agent and he was telling his prospect that he can rent for 165K in two cheques. Back in October last year, the asking price was 190K in one cheque. One or two cheques for those of you who are not familiar means you pay 12 months in advance rental or 6 months ahead. Yes, just another one more of those ridiculous practices here.

The advert in Dubizzle (see pix above) yesterday was asking for 170K. I think lower than 165K is coming soon.


Now I am waiting for car prices to fall big time. The market here is very opaque and the listed prices remain high as ever. On the other hand the number of abandoned cars at the airport has increased and some are even leaving their cars a little away and riding a cab to the departure hall. I wonder who is watching. Perhaps we will soon be making silly trips to the airport here like many of us have been doing, visiting Changi airport back home. I know of no other country where people go to the airport just for fun or curiosity. Add Dubai to that list.


The general rule of the market is this: On the way up it is an arithmetic progression; on the way down a geometric one. Now Dubai wants to dam the prices. If they fail, the water will overflow or worse the dam might burst.