Lower Rents in Dubai

The world has seen the rise and fall of Dubai's mighty real estate market. Dubai's prime lands before the recession were selling like hot pancakes. Now that the bubble has burst, Dubai is left with numerous finished and unfinished metal buildings and other concrete construction.

Some well-known real estate companies here in Dubai has dramatically slashed the rents to 30-60% because of the lack of demand to fill the numerous empty commercial and residential buildings. Classic example is the building where we are staying. We paid AED 73,000 per annum as rental fee for our flat in 2007. That is rough estimate of US$ 21,000 in one year! That's where our money is going month after month. Then when recession hit, our rental fee was reduced to AED 63,000. It was further reduced when we renewed our contract last year to AED 48,000. That's 35% off the original contract leasing rate we signed for.

We are expecting a further reduction this August when we renew our tenancy contract. Let's face it, the supply and demand is now tilted and the real estate boom is no longer making a loud bang.

Job Market

I have been collecting classified ads for the past week. I am checking the trend of vacancies and the market outside my company. The jobs available are still very stringent compared to the pre-recession time when the classified ads was a separate supplement.

The administrator jobs available currently have dwindled. However, that does not mean that unemployment cases have not recovered. Our company is still hiring and other major multi-national corporations here in the UAE. The robust career-placement before is not as bullish but functioning, if I may say.

Personally, I still feel that the market outside my current post is still volatile. I am having difficulty in my decision whether to stay where I am or jump ship and take my chances.

My Goals this 2011

A lot of us made our new year's resolution for 2011. I have and I am resolved to do few things which will bring continuous and positive effect until the coming years.

My goals for 2011 (and hopefully to spread all the way to the coming years):

1. Be more healthy. This will stave illness and keep the medical bills away.

2. Be more active. I am done sitting in front of the computer and playing games on Facebook. Yes, I am also one of the millions who got hooked at one point on the ever-addicting social network. I imagined how my life was pre-Facebook. I used to do a lot of stuff and recently I was in a rut because all I did was play some games in that social network.

3. Pay down my credit cards. I do not have to elaborate on this. Many share this sentiment with me. I am tired paying for the finance charges. This borrowing thing has to stop. And it will this 2011.

4. Save, save, save. I used to be very thrifty when I was single. After having my own small family, I noticed my budgeting skill  went a little wayward. I used to save big time and wonder what happened to my spending habits. I counted the chicks when they weren't hatched yet so I used up my savings for things and services I didn't actually need. I am re-focusing all my energy and will-power to save.

5. Be more sociable. I am an anti-social! There, I said it. When I say anti-social, I don't mean the hermit-kind of reclusiveness. I just enjoy small gathering of people I truly know. So, I have to muster the guts to attend to social events where I barely know anyone. I have a problem breaking the ice. I don't have the gift of gab like most people do. That has to change. I have to face my fear of public-speaking and overcome my shyness. Now you know why I enjoy blogging than partying...

6. Learn a new language. I used to speak Japanese, a bit of Arabic and French. All those were side-tracked because I focused more on helping my daughter with her school stuff. I want to challenge my mind and continue learning different languages. I don't know if I'll be able to use any of them in my daily life but it does help to know a different language because we travel a lot. During our trip to France, I was able to communicate with my very little French and found our way around town. I know they have their benefits. I will soon find that out.

7. Move to a new department or have a career change. This one is my last goal for 2011. I am aiming to empower my career so I can earn more but if I don't see any light at the end of the tunnel for the current economic situation, I may have to shelve this temporarily until the dust settles. Our company is still very stable and I don't want to shoot my foot by jumping out. I will probably find another higher position within the company if the recession's tide has still not ebbed.

So, do you have your goals for 2011? 

                                                                                                               

Dazed but Happy

It's been 3 days since we arrived in this hot, sunny place and all of us are still disoriented with the time. We never felt this jet-lag so bad before probably because it was our first trans-Atlantic trip. Hubby went to work last Tuesday only to come home before noon because he could not keep awake! My princess woke up before dawn this morning tinkering on her homework. And I was up and about at 4:30 a.m!

I had a hard time keeping myself alert even after 3 cups of coffee at work. Oh man! This is the worst jet-lag in our family's history...as far as we know it :)

We enjoyed every single moment spent with our families there. We don't get to see them as often as we want because it's not practical and then, we didn't have visas. The warmth of their homes provided solace and comfort to the tired minds and bodies of 3 nomads (hahahaha!!!). I was intently observing how life is in the big US of A and my dream of moving there is slowly being validated. I dreamed of living there ever since I was young and to be actually there and see how life is gave me all the reason to pursue my next goal. Hubby is supportive of the plan but this will take a lot of time and planning before I can put everything in action. This is a major life-changing decision and I must not be impulsive. I am giving myself 2 years to decide whether we will all uproot ourselves here and settle there. We'll wait for recession to end though. Meanwhile, we will just enjoy ourselves first visiting the marvelous US of A. I would appreciate advices from friends living there if you all don't mind. You can leave a comment here. I don't want to rush into a decision yet.

To my blogger pal Cely/Gilbert, sorry I didn't get to call. I left my Filofax at home and had written your number there. I know you sent me email but I had limited time to check my mails. Anyway, there is always a next time.... hugs!!! We will be visiting your country as often as we can now.

Ending Recession

Can someone please tell me when this recession is going to end? Reason why I asked is that, it has made people feel gloomy, plans are shelved, no moving around the work-force, no resignations, no temporary jobs available, no promotions, BUT same old issues to deal with.

Can someone please tell me that this recession will end very, very soon???