Dubai, Boom and Bust
The Buk-al-Arab Hotel
The Wall Street Journal takes a look at Dubai’s construction and real state bubble .
Fueled by easy credit, ambition and almost non existent regulations Dubai became a mecca for the most extravagant and imaginative real-estate development the world has seen in perhaps many centuries.
Now after the well publicized request that Dubai World postpone its debt service payments, the manmade archipelago lies empty and largely unsold as the world is pondering the long term effects of the collapse on the banks who financed it.
“Dubai’s soaring skyline is a symbol of pride here. At a National Day parade this week, men dressed in traditional Arab garb pushed floats consisting of scale models of the city’s iconic buildings. There were models of the Burj Dubai — the world’s tallest skyscraper, due to open next month — as well as the sail-shaped Burj Al Arab hotel and the Mall of the Emirates, which houses an indoor ski slope.” Read more
Dubai's "The World" man -made islands
“As an archipelago of 300 manmade islands, The World Dubai is perhaps Nakheel’s most extravagant project to date. Dubai’s largest freehold property developer is known for creating innovative and unique property concepts, and The World in Dubai is set to become another icon for the city of Dubai and the most exclusive piece of real estate you can own.
These islands are located just off the shore of Jumeirah beach, and have been constructed using similar techniques to Nakheel’s other popular island developments, the Palm Jumeirah and the Palm Jebel Ali. With an interesting property portfolio including, The Palm Trilogy, Jumeirah Islands, International City and the upcoming Dubai Waterfront, The World UAE is yet another addition to Nakheel’s collection of exclusive Dubai freehold property” . Read more (Source).
