Real Estate market in Gulf

The oil-rich Gulf region was considered to be immune to the problems of the financial meltdown. However, the global financial crisis is knocking on the doors of the Gulf region and the first tremors are causing a panic in the job market. The Indian expats are the worst affected with thousands losing their jobs already, according to some reports. In UAE alone, there have been about 800 job cuts in the real estate sector whereas banks have laid off a few hundred more. The impact of the financial meltdown is bound to spread to other countries in the Gulf region causing more lay offs in the near future.

Due to the economic recession, prices of real estate have crashed and Dubai, being the largest market for speculative buying, is the worst sufferer. Dubai boasts of the most ambitious real estate development projects; it is known for its tallest building, the largest airport, the biggest mall and the largest port.

The recession has taken off some of the glitz and glamor of Dubai –the banks are reviewing their credit policies and its biggest financial institution Amlak, has stopped giving home loans. Till now, Dubai has been the envy of the neighboring nations due to its fast growth. However, at present, Dubai has an outstanding debt of US$80 billion -10 billion of the loan is owed by the government while 70 billion is owed by government affiliated firms. Since it does not possess gas or oil reserves, it depends on trade for its survival. But Dubai is reacting fast. A Supreme Financial Committee has been set up to study the situation and propose solutions to the problems in the banking and real estate sectors. Abu Dhabi, the capital of the UAE, which is considered to be rich in oil reserves, is stepping in to lend a helping hand to Dubai.

The employment scene in Dubai is not looking too good. The biggest real estate developer, Nakheel has begun to cut jobs as it is scaling down development projects. In general, 80% of construction workers in Dubai are Indians. The Indian economy was being supplemented by the remittances made by the workers in the Gulf. These remittances touched a record high as the rupee fell against the dollar and it was expected that Kerala alone would receive remittances of Rs.42,000 Crore during this fiscal year.

But the situation took a downturn. Employees of real estate firms are not being sanctioned personal loans. Salary limits to procure loans have been raised, with HSBC setting a salary limit of 20,000 Dirhams for any type of loan. Easy credit is no longer available on credit cards. The Kuwait Stock Exchange fell by 30% at the commencement of the year and the government has had to step in with a 12 billion dollar bailout package.

The Gulf boom is definitely on the wane and the situation may worsen in the months to come.

Property Insurance

Insurance becomes an important aspect of owning property. It provides monetary safety; a financial support to the asset.

There are plentiful Indian insurance companies offering insurance policies for property. One needs to know what one wants in order to get the best plan. To buy a policy one should consider:

- Is the policy worth the property?
- What are the clauses of the policy, is it a safe deal?
- What has been the history of the insurance company?
- What are the formalities to be done to file a claim?
- How long does it take to release the payment?
- Will that be enough to compensate?
- What is the schedule of the payment of the premium?
- Is the premium amount affordable?

If these questions are answered satisfactorily, then one can think of buying an insurance policy. However, the most important factor that one should consider is that one has to pay the premium on time and fully to avail all the benefits of the policy.

There are some policies that need complete payment of a number of premiums before any claim can be filed while some other companies can avail a claim even on payment of lesser premiums. The latter type should be preferred. A common clause of insurance is that no claim can be filed within six months of buying the policy.

To get proper policy, call policy brokers of different companies and ask them to give detailed list of the dangers and a plan for sufficiently treating them. For this, you must consider that the policy should protect you against all losses and damages in the case of the prevention of any unfortunate event. If you cannot find such a policy, each category of your possession must separately be treated.

Property insurance protects you in two ways:

Financial Loss: Your property insurance will reimburse you for losses if your home or personal belongings are damaged by fire, your belongings are stolen or if any other unexpected situation that is specified under your policy occurs.

Your property insurance will also protect you against liability for accidental damage to someone else's property.

Feng Shui for Dining Room

What are The best locations for the dining room In a home?

Ideal positions for the dining room are East (a more lively atmosphere), South - East (best for conversationalists), West (great especially for newly weds or singles looking to be a newly wed as this location is good for pleasure, romance and entertainment) and North – West (the best location for serious entertainers who want a more formal, serious atmosphere) of the center of your home. At all costs try to avoid a dining room that is North - East from the center of the house as this is known to produce fast-changing sharp chi energy and is not the ideal place to have a relaxing meal. Also try to not locate it within sight of the front door. As in most Feng Shui rooms it is best to have two doors that allow chi to circulate, but if doorways on opposite walls are directly in line with each other chi will move straight through the room.

What are the best furnishings and accessories for a Feng Shui dining room?

The following tips should be reflected upon when creating a perfect dining experience.

1. Floors:

If at all possible use natural wood floors. (They have a neutral effect on chi energy and are easy to clean.) Some experts say to avoid rugs and carpets. Others seem to think that a thick rug or carpet adds a soothing texture.

2. Flexible Lighting:

Dimmer switches are a must! (They offer low lighting for romance, brighter lighting for parties and everyday use in between.) Candles have long been added for energy, which helps to produce a warm vibrant atmosphere for any occasion.

3. Furniture:

Easy-to-clean surfaces are essential. Wood is ideal since it doesn't speed up chi energy. Different woods affect chi energy differently. (Softwoods such as pine and elm are more yin and are best for everyday relaxed family meals - dark hardwoods such as oak, mahogany and teak are more yang, which is more appropriate for formal occasions such as dinner parties.) Hard surfaces like marble and glass speed up the flow of chi energy across the table, making for a more stimulating but also more edgy atmosphere. The shape of a dining table can be more yin or more yang - a round or square table is more yang and carries dynamic chi energy. An oval or rectangular table induces a more gentle energy, which is better for relaxing dinner. (Although many Feng Shui experts say to avoid square and rectangular tables as they limit you to only four directions. An oval shape is recommended as the best for Feng Shui design.) The dining room is an exception to the Feng Shui guideline of aiming to leave some open space in the center of every room. Here the dining table itself should occupy the center position. It is also very important to choose a table that fits the size of your area to make sure there is enough room to walk around the table (equal space around the whole table works best). It has been said to avoid any sharp corners that face your guests. Too much heavy, dark, old furniture - especially when it is squeezed into too small a space – also creates a heavy, dark feeling and blocks the flow of chi. The door should not open too close to any chairs and the honored guest position should face it.

4. Limit the accessories:

A mirror on the wall or sideboard, reflecting the table, enhances the healthy chi energy produced by the food. Mess is death to any Feng Shui room, minimize as much as possible. A crystal chandelier over the center of the dining table will help to balance chi in the room. Remove all clocks and calendars so none of the time pressures from the day carry over into the meal. One definite mistake is to have a television in view of where you eat. Using a tablecloth, rather than individual placemats, is a great way to encourage closeness among your diners.