With property values now half their boom-time peaks and a flood of additional supply on the way, the emirate’s residential market may not recover in the foreseeable future, says Angela Shah.
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.'
FULL STORY: Rent Too Damn High in Dubai? Not So Much
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Dubai to Offer Free Parking and Charging to Electric Car Drivers
A city famous for its oil money is implementing generous incentives for electric cars.
World's First Passenger Drone Readies for Takeoff in Dubai
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Montreal Mall to Become 6,000 Housing Units
Place Versailles will be transformed into a mixed-use complex over the next 25 years.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
DARTSpace Platform Streamlines Dallas TOD Application Process
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Interactive Map Reveals America's “Shade Deserts”
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Bicycles and Books — In Sacramento, Libraries Now Offer Both
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Colorado Landfills Emit as Much Pollution as 1M Cars
Landfills are the third-largest source of methane pollution in Colorado, after agriculture and fossil fuel extraction.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
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