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
COP28: Will Developed Nations Reduce Emissions?
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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
This summer, commuters may have another option for moving around Dubai as a pilotless drone is prepared to shuttle passengers around the city.
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
National Parks Layoffs Will Cause Communities to Lose Billions
Thousands of essential park workers were laid off this week, just before the busy spring break season.
Retro-silient?: America’s First “Eco-burb,” The Woodlands Turns 50
A master-planned community north of Houston offers lessons on green infrastructure and resilient design, but falls short of its founder’s lofty affordability and walkability goals.
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Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
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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.
EMC Planning Group, Inc.
Planetizen
Planetizen
Mpact (formerly Rail~Volution)
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research
NYU Wagner Graduate School of Public Service