Maybe the prospective renters had second thoughts.
Posted on 10/22/2010 7:57:49 PM PDT by Morpheus2009
here's a half-off sale in the world's tallest building.
Even with an address at the iconic Burj Khalifa, rents for residences in the tower are not immune from Dubai's real estate crash. Indeed, nearly a year after it was inaugurated with a massive water-and-fireworks display, about 825 of the tower's 900 ultra-luxury apartments remain unoccupied, according to Better Homes, a real estate brokerage in Dubai.
The cost of renting a studio with floor-to-ceiling windows, marble fixtures and wooden floors has dropped to $1,815 a month from $3,025, while a one-bedroom apartment is available for $2,722 (it used to be $4,536), the brokerage says. Two-bedroom residences are expected to get $4,310, down from $7,183. Interested parties "call every few days and go for a viewing," says Imad Ben Khadra, a Moroccan expatriate who owns two 1,000-sq.-ft. one-bedroom apartments he purchased in late 2008 for about $950,000, both of which he is trying to rent out. "We got some offers [from prospective tenants], but nobody confirms." (See pictures of the Burj Khalifa, the tallest building in the world.)
(Excerpt) Read more at news.yahoo.com ...
I’m gonna be in Dubai soon.Maybe I’ll bring my checkbook with me.
Still too expensive.
Wonder what the AC bill is?
Wait a couple of years and they will be paying you to take it off their hands.
Gee, I dunno what happens when they simply can’t afford to maintain it and keep the utilities running? How much will and apartment be worth then?
And just wait till they can no longer afford to keep the desalinators running. Water is more expensive than oil there. The place will become an uninhabitable post-apocalyptic movie set then.
Have fun! Make sure you rent and don't buy. Don't get too tethered down, you may need to make a quick getaway. Other than that, Dubai is one of the most spectacular cities in the world. I've been there seven times.
Just curious Gay....why in God’s name would you want to put yourself anywhere near the people that want us dead? Really, no disrespect intended, but why go there?
“Dubai is one of the most spectacular cities in the world. I’ve been there seven times.”
I’ve looked at tourism info regarding the UAE. Dubai does look eye-poppingly spectacular.
>>Gee, I dunno what happens when they simply can’t afford to maintain it and keep the utilities running? How much will and apartment be worth then?
And just wait till they can no longer afford to keep the desalinators running. Water is more expensive than oil there. The place will become an uninhabitable post-apocalyptic movie set then.<<
It’s happened before. In the western US we call them “Ghost Towns.”
;)
You’re right, I think they’re building the next Detroit.
Who didn’t see this coming?
Maybe the prospective renters had second thoughts.
One of my buddies, an engineer, predicted that many of the buildings in Dubai would crumble in about 10 years due to the use of poor quality concrete.
Beware.
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