In the latest Sunday Times article written by John Arlidge, he talks about the human aspect of the property crash in Dubai. With Dubai’s strict bankruptcy laws, even bouncing a cheque can bounce you into prison; John takes up the story of professional couple David and Leanne and their four children. David set up is own consultancy and Leanne worked in “human resources” until being made redundant. Almost a year after buying their own property they are preparing to move lock stock and barrel back to the UK. David and Leanne's lawyer thinks its for the best as they will have "a position of strength" to hey negotiate their debts from abroad. In the meantime their bank has cancelled their credit cards.
Even pets are “up for grabs” with notices of pets with the caption “Free to good home”.
Chris Dommett from mortgage brokers, John Charcol says the market is a “classic pyramid scheme”. What surprised me about the article was how well informed everyone seemed to be about the situation, it was no great shock.
For David, Leanne and children it’s the end of their dream, I wonder how they will look back on their experience in Dubai or how they feel by being caught up in a “pyramid scheme”. One thing for is sure, living and working in Dubai will never be the same again.
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