Long Way Down for Dubai's Residential Market
Even at the Burj Khalifa, the world's tallest building, 825 of 900 ultra-luxury apartments remain unoccupied despite rent decreases of 50 percent over the past year. The drop at the iconic Burj mirrors the broader Dubai residential market, according to Angela Shah, and the downturn may be prolonged by a glut of new housing now under construction. While 27,000 apartments are currently on the market, another 39,000 will come on line by the end of 2011.
The government is seeking to stem further losses by restricting building, writes Shah:
'Dubai's Real Estate Regulatory Agency recently said it was canceling or in the process of canceling about half of all projects registered with the authority. Of about 980 developments, 495 are on the chopping block.'
- Portland's Long-Term Transportation Plans Include a Downtown Subway
- Mapping the Tools of Discrimination
- Overcoming Density Opponents by Listening to Them
- Is This Really Penn Station?
- It's Too Hot to Fly in Phoenix Today
- The Affordable Rental Housing Crisis Is Only Getting Worse
- Surveying the Suburban Office Market
- No Cars Allowed on Portland's New Street
- A Rap Song About Bike Safety? Yes Please.
- Google to Buy 300 Modular Apartments for Employees
- Invasive Fish Encroaching on the Great Lakes While Army Corps Study Languishes
- Bamboo Regulations Almost as Popular as Bamboo in New Jersey
- Los Angeles Councilmember Chooses the Side of Traffic Safety
- Cap Park Planned for I-579 Near Downtown Pittsburgh
- Will Alaska Return Millions of Dollars for Bike and Pedestrian Projects to the Feds, Again?
- Can Planning Offer a Line of Defense Against Terrorism?
- San Diego, Marin County Heading the Opposite Direction on Housing Policy
- Developers Ready for New Opportunities Along the Chicago River
- Big Piece of Detroit's 'Inner Circle Greenway' Falls Into Place
- Friday Fun: A Mario Kart Tour of Japan
