Dubai Real Estate Boom Bubble Flashback

(Photo credit: Wikipedia)

"Ah, there you are! Come in! Come in! Have a seat. Fancy a Fanta? Teem? Mirinda? Sprite?"
"I'll have a water please."
"Sure. Masafi do you? Sorry about the bottle, it's one of those annoying flimsy new ones that's worse than a paper bag. There, see? You've got water all over yourself now. Those skinny lids don't fit too well, I know."
"That's fine, thanks. Look, it's about this new Shiny you're selling."
"Oh, yes. Shiny 2.0! It's brilliant. You can dare to dream of a fulfilment of your desert lifestyle as you tantalise your ultimate desires with an abundance of urban satisfaction."
"Yes, that's the one. How is it different to the old Shiny?"
"Different? Oh, my dear boy, it's a leap - a quantum leap, I should say. We're back and it's official - there are crowds of people scuffling to get their hands on the new Shiny 2.0. Simply flocks of them. We've had to put pit bull terriers on our stand at Cityscape just to keep the masses in check. Shiny 2.0 has got what the market wants, no doubt about it. We've made a few changes along the way as we've refined the product for today's discerning buyer, of course."
"Like what?"
"Well, we've dropped the Falkirk Wheel and the life sized model of Mount Everest and the working volcano with real lava. It's a simpler, more effective product. And it's regulated, look."
"You've just put on a cap that says 'regulator' on it."
"That's the one. Your quality guarantee."
"So what about the bubble?"
"What bubble?"
"The one that burst in 2008 taking away the aspirations, hopes and dreams of thousands of unwary investors who rushed to buy something they didn't understand from people that weren't interested in helping them understand anything beyond how to write a blank cheque?"
"Hahaha! Oh, you're such a cynic and I do like that in you. There was a global financial crisis dear chap, not a bubble. There was no bubble. It never happened. Lalalalala. Anyway, moving on, how many Shiny 2.0s do you want?"
"Well I swore I'd never buy another one after the first one went dull and my kids got sick and you stopped me from watching my TV or planting red flowers in my garden..."
"Ah, those were the times, eh? All water under the bridge now. Shiny 2.0 is going up 50% in value year on year, you know. It's got a fingerprint sensor, too. You'll need to get in quick before you lose out to the rest of the market. Have you seen the skyline? Isn't it marvellous? The cranes are back!"
"But what about how it was before? The mad traffic, the groaning infrastructure?"
"It's all coming back! Isn't it just glorious? We're going to make fortunes! We're back at the brunch tables and they're simply groaning! Nomnomnom as they say. Here - have some Bolly! I'll get the hog saddled up."
"You learnt nothing didn't you? It's as if the past five years never happened."
"What five years? Here you go, just sign here. It's a perfect plot, right next to the lakes and near to the shopping centre we're building on top of that old monument thingy that had to go. We'll move the plot on you by the time it's built and it'll be a three bed instead of a five bed, but you know that this time around. You'll have so much less to complain about, in fact."
"Okay, I signed. What about my old Shiny?"
"Rent it! You'll be living off the rental income and then some the way things are going. Through the roof, rents are! Do you want us to tell you who you can rent it to, how much you can charge and what your tenants are allowed to do in their home?"
"No, not really."
"Shame, that. Because that's precisely what we're going to do. Have a nice Shiny!!!"

(Old Shiny posts linked here for your listening pleasure)