View more on these topics

Some dreams aren’t stolen but given away

At first I thought these mainly elderly people who were claiming their dreams had been stolen from them had a point – until they revealed that they had been willing to hand their life savings over to perfect strangers.

The programme focussed on people wanting to buy a place in the sun. With the likes of Marbella and the Costa del Sol being swamped, these people were looking a bit further afield in search of a destination where they’d get more bricks and mortar for their money.

Where better than Dubai? As many of you will know, Dubai is now one of the top destinations for Brits looking for a long weekend in the sun.

And as Dubai has become better known and more accessible – although the likes of Easyjet and Ryan-air have not yet managed to make it into a stag party destination – more people are viewing it as the ideal place to buy a holiday home or retirement pad.

With Arabic music playing in the background, the programme treated us to shots of glamorous apartments soaring into the sky and massive villas with their own private pools, endless shopping malls and golden beaches.

But then it all started to go a bit sour, focussing on people who felt what they were getting for their investment was not living up to their expectations. But you couldn’t help thinking that people should do a bit more research.

One couple who had never set foot in Dubai put down a deposit of 80,000 on an off-plan property set to be worth little more than that. Work on the development ground to a standstill and it looks like they’ve got little chance of getting their money back. The husband told us how his dreams had been stolen, but you would have thought that by his age he might have learned that dreams rarely come true.

The programme concluded that while Dubai could be a worthwhile investment, it’s not without risk. What a surprising finding that was.

It seems people think they can buy what they want without worrying in places where the sun shines. How many of us would go out and spend all our savings on a house or flat in this country without having stepped inside the door – if it’s not off-plan – or without at least having visited the area to see what it’s like?

I’m writing this article as I’m planning my next big move – well around 45 miles from Glasgow to Edinburgh – for my new job.

This might not seem far to you but anyone who knows Scotland will be aware that the psychological distance between the two cities is enormous. For example, I will have to give up vinegar and get used to salt and sauce with my chips, people saying “Ya ken?” a lot and being in a town full of English people.

But it’s a safer bet than Dubai without a visit. And anyway, I’ve never been good in the sun.

Recommended

Prestbury turnover increases by 45%

Prestbury Holdings published its results last week for the six-month period to 30 April 2006 showing a 45% increase in turnover to 4.8m.

SMS offers reduced cost Equifax credit reports

Solent Mortgage Services, the national branded mortgage arranger, is offering intermediaries and their customers access to Equifax online credit reports at a 34% discount to the standard cost. For 8.25, clients of SMS introducers can obtain their complete file, including details of credit accounts held, CCJs, arrears and IVAs and without leaving a footprint on […]

Young people live in twice as many homes as their grandparents

British people move home more often than ever before and are planning for a lifetime of regular relocation according to new research from propertyfinder.com.While the average over 65 year-old has moved 5.7 times in their life, spending an average of 9.2 years in each of their homes, the average 41-45 year old has already moved […]

Income protection at the crossroads

Alarming figures from Swiss Re show sales of term plans have plummeted 26% in the past two years despite continual cuts in product prices. Critical illness plans have dropped 15% in the same period, so is income protection in danger of becoming extinct? These figures are a wake-up call. They represent a substantial expansion in the protection gap to 170bn in 2005 compared with 130bn in 2002.

Newsletter

News and expert analysis straight to your inbox

Sign up