Did you see this article in Time Magazine? “The Rent Too Damn High in Dubai? Not So Much“.
Apparently 825 of the Burj Khalifa’s 900 ultra-luxury apartments remain unoccupied. (I assume that’s since the January opening).
Key quote:
But it’s the units that will be completed that are looming as a problem. The Dubai economy must still digest a flood of housing units coming on line or soon to be opened, which will further dampen prices. Through September, 27,000 residential units have been put on the market, and another 9,000 are expected to be completed by the end of the year, according to real estate firm Jones Lang LaSalle. For 2011, the firm forecasts that about 30,000 new units will come on line.
This is a whole new economic crisis!
Tags: Burj Khalifa, Dubai, economy, Time