• Burj Dubai prices plumet, $1815 a month for a studio apartment
    70 replies, posted
[quote=Yahoo News]There'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." [URL="http://us.rd.yahoo.com/dailynews/time/wl_time/storytext/08599202693400/38144452/SIG=11vccvsgu/*http://www.time.com/time/photogallery/0,29307,1951575,00.html"](See pictures of the Burj Khalifa, the tallest building in the world.)[/URL] Varun Chaudhary bought two two-bedroom residences in the Burj for about $1.5 million in 2005 even before construction began. He saw the value leap from $762 per sq. ft. to $3,811 per sq. ft. at the heights of the boom. Today, those values hover just above his purchase price. But he says he isn't worried about his investment. "These properties will recuperate faster than other properties because it's an icon, because it's only one in the world," he says. "You just have to say 'Burj Khalifa.' That's the address; you don't have to explain. It's a style statement in itself." [URL="http://us.rd.yahoo.com/dailynews/time/wl_time/storytext/08599202693400/38144452/SIG=11vmklepv/*http://www.time.com/time/world/article/0,8599,1977352,00.html"](See how the U.S. is leaning on Dubai to pressure Iran.)[/URL] Still, the Burj, with its one-of-a-kind address and amenities like the first-ever Armani Hotel, is only the most high-profile example how Dubai's once flying real estate market has crashed. Overall in the emirate, property prices have dropped an average of 50%. Some half-built projects, located away from the main highway that runs through the city, may never be completed because their values have dropped too much, analysts say. [[B]Photos:[/B] [URL="http://us.rd.yahoo.com/dailynews/time/wl_time/storytext/08599202693400/38144452/SIG=10nbbbnvf/*http://yhoo.it/9hulFP"]More of the incredible Burj Khalifa[/URL]] 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. A glut in commercial property has forced landlords to offer previously unheard-of incentives such as free rent and allowances to finish out shell construction space. "They built the infrastructure for a much larger economy than it can [now] attract," says Wissam Haroun, a Syrian expatriate who owns entertainment and technology companies in Dubai. [URL="http://us.rd.yahoo.com/dailynews/time/wl_time/storytext/08599202693400/38144452/SIG=12jtpvm81/*http://www.time.com/time/travel/cityguide/article/0,31489,1849667_1876991,00.html"](See pictures of Dubai.)[/URL] Worried about the glut, 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, according to a Dubai sovereign-bond prospectus made public last week. Some, however, see opportunity in the depressed prices. "It's a massive change in terms that it's no longer the man on the street or the lady on the street buying property on spec or off plan," says Paul Devonshire, a director with Pramerica Real Estate Investors who specializes in the Middle East and North Africa region. Now, he explains, institutions or more savvy investors are moving in, eyeing distressed or repriced assets. [URL="http://us.rd.yahoo.com/dailynews/time/wl_time/storytext/08599202693400/38144452/SIG=11vfk2hc9/*http://www.time.com/time/world/article/0,8599,2026934,00.html#comments"](Comment on this story.)[/URL] But the buzz was decidedly subdued at the recent Cityscape Global, the annual real estate exhibition that in the past featured the launch of glitzy projects like the Palm Trilogy, the world's largest man-made islands. The name of the event itself had been changed from Cityscape Dubai in order to expand the focus beyond the city-state. Only a fraction of exhibitors - 200, down from around 1,000 during the boom - showed up to participate. With speculators gone and credit still tight, Dubai is going about the hard work of adjusting to its new economic reality. Top of the list is paying back creditors that helped finance the boom. Over the past decade, Dubai amassed $109 billion in debt, with about $15.5 billion due this year, the International Monetary Fund estimates. Dubai World, one of the three main holding companies controlled by Dubai's ruler, Sheik Mohammed bin Rashid al-Maktoum, said last month that 99% of its creditors had agreed to alter the terms on $24.9 billion of its debt. Last November, Dubai World sent stock markets around the world tumbling when it announced it wanted a moratorium of its debts. "We are back. Of course we are back," Sheik Mohammed said in a Bloomberg TV interview last month while attending the Alltech FEI World Equestrian Games in Lexington, Ky. But, having been through the financial volatility, few seem to want to part with their cash just yet. The Syrian expatriate Haroun, who has lived in Dubai most of his life and plans to raise his family there, says he would like to buy a home. But his forays into the market so far have left him unsatisfied. "People got stupid rich and stupid poor at the same time," he says. "I'm glad I stayed out of it." [/quote] [url]http://news.yahoo.com/s/time/20101022/wl_time/08599202693400[/url] All I can say is holy shit. We used to pay $1500 a month for a 4th floor apartment an some unheard city. For just $300 more a month you could live in the tallest building in the world with floor to ceiling windows, marble fixtures, and wooden floors.
Who the fuck would want to live in the United Arab Emirates anyway? It's a shithole. [editline]23rd October 2010[/editline] Compared to Saudi Arabia it's a paradise, though.
I knew this would happen, they are doing shit similar to North Korea, they construct these great and large buildings, but nobody will want to live there because the countries they are in are insufferable.
Hey, they're in the price range of apartments in NYC! Glad I don't have ceiling to floor windows though.
Burj Al Arab is a Seven star hotel or am I just confused?
[QUOTE=Faren;25583959]Who the fuck would want to live in the United Arab Emirates anyway? It's a shithole. [editline]23rd October 2010[/editline] Compared to Saudi Arabia it's a paradise, though.[/QUOTE] The UAE is far from a shithole. [img]http://makkah.files.wordpress.com/2009/03/burj_dubai_b.jpg[/img] [img]http://chictraveler.com/wp-content/uploads/2010/07/burj-al-arab-tennis.jpg[/img] [img]http://ainkpisan.blogdetik.com/files/2009/08/burj-al-arab.jpg[/img] Not to mention they pay better there than they do in the states for certain jobs - especially teaching. Also, no tax. Cheap gas, and your accommodation is payed for. Sounds like paradise compared to most places to be honest. [editline]23rd October 2010[/editline] [QUOTE=Akayz;25584151]Burj Al Arab is a Seven star hotel or am I just confused?[/QUOTE] Yeah. out of 5 stars, it got to 7. That's how nice it is. I've been there, it's fucking breathtaking. [editline]23rd October 2010[/editline] [QUOTE=Tyler_Durden;25584017]I knew this would happen, they are doing shit similar to North Korea, they construct these great and large buildings, but nobody will want to live there because the countries they are in are insufferable.[/QUOTE] You do realise with a growing population, only about 15% of all the people who live in the UAE are from the UAE? People go these places from around the world for jobs, making this building was a good move to accommodate the growing city of Dubai.
[QUOTE=Conspiracy;25584165] [img_thumb]http://chictraveler.com/wp-content/uploads/2010/07/burj-al-arab-tennis.jpg[/img_thumb][/QUOTE] that looks scarily unsafe
[QUOTE=Conspiracy;25584165]The UAE is far from a shithole. [img_thumb]http://makkah.files.wordpress.com/2009/03/burj_dubai_b.jpg[/img_thumb] [img_thumb]http://chictraveler.com/wp-content/uploads/2010/07/burj-al-arab-tennis.jpg[/img_thumb] [img_thumb]http://ainkpisan.blogdetik.com/files/2009/08/burj-al-arab.jpg[/img_thumb] Not to mention they pay better there than they do in the states for certain jobs - especially teaching. Also, no tax. Cheap gas, and your accommodation is payed for. Sounds like paradise compared to most places to be honest. [editline]23rd October 2010[/editline] Yeah. out of 5 stars, it got to 7. That's how nice it is. I've been there, it's fucking breathtaking. [editline]23rd October 2010[/editline] You do realise with a growing population, only about 15% of all the people who live in the UAE are from the UAE? People go these places from around the world for jobs, making this building was a good move to accommodate the growing city of Dubai.[/QUOTE] Putting aside the fact that Dubai is pretty much made for trying to impress people and draw tourism, did you know that kissing someone in public is worthy of criminal charges?
From what I've seen, Dubai's population is extremely racist to foreigners. They won't serve foreigners at a restaurant until every Arab in the building has been served. Just think about that for a second, you could potentially be waiting for hours just trying to get a meal. I gotta give Dubai some credit for being the most progressive country in the Middle East, not through social/political means but through economical/infrastructural means.
[QUOTE=Faren;25584348]Putting aside the fact that Dubai is pretty much made for trying to impress people and draw tourism, did you know that kissing someone in public is worthy of criminal charges?[/QUOTE] So PDA isn't allowed, that's their culture. Doesn't make them wrong because they think different, you are going to THEIR country after all... Also, tourism is an industry on it's own. I don't see a problem with Dubai trying to put its name on the map. I'm from Doha, by the way. I'm not pro-dubai but I just want to clear up some misconceptions. [editline]23rd October 2010[/editline] [QUOTE=zombojoe;25584416]From what I've seen, Dubai's population is extremely racist to foreigners. They won't serve foreigners at a restaurant until every Arab in the building has been served. Just think about that for a second, you could potentially be waiting for hours just trying to get a meal. I gotta give Dubai some credit for being the most progressive country in the Middle East, not through social/political means but through economical/infrastructural means.[/QUOTE] I'd say Doha, Qatar was the most stable to be honest. We depend on natural gas, and the prices don't fluctuate so we have the highest GDP or GNP - can't remember - in the world. Qatar Foundation, Al Jazeera, Qatar 2022 bid, all these important projects were started in Qatar.
[QUOTE=zombojoe;25584416z] They won't serve foreigners at a restaurant until every Arab in the building has been served. Just think about that for a second, you could potentially be waiting for hours just trying to get a meal. [/QUOTE] I find that very very hard to believe especially since that has never happened to me and Dubai loves being an Uncle Tom to foreigners
enjoy getting castrated for kissing in public
[QUOTE=Conspiracy;25584500]So PDA isn't allowed, that's their culture. Doesn't make them wrong because they think different, you are going to THEIR country after all... Also, tourism is an industry on it's own. I don't see a problem with Dubai trying to put its name on the map. I'm from Doha, by the way. I'm not pro-dubai but I just want to clear up some misconceptions. [editline]23rd October 2010[/editline] I'd say Doha, Qatar was the most stable to be honest. We depend on natural gas, and the prices don't fluctuate so we have the highest GDP or GNP - can't remember - in the world. Qatar Foundation, Al Jazeera, Qatar 2022 bid, all these important projects were started in Qatar.[/QUOTE] Not very related but it`s hard to believe an Absolute monarchy is one of the richest and most progressing Muslim countries in the world ( Qatar, I mean )
$1815 is still quite alot.
[QUOTE=Assburgers;25585363]$1815 is still quite alot.[/QUOTE] That is half price, so compartively. No it isn't.
[QUOTE=cheezey;25585292]Not very related but it`s hard to believe an Absolute monarchy is one of the richest and most progressing Muslim countries in the world ( Qatar, I mean )[/QUOTE] [url]https://www.cia.gov/library/publications/the-world-factbook/geos/qa.html[/url] It has a sense of free-market, I wouldn't call it an absolute monarchy. Sure, what the sheikh says goes but he's incredibly educated, not to mention Sheikha Moza who is involved with a whole bunch of amazing things - google her. They're making some really good choices for the growth of Qatar.
I can see the Burj Dubai being closed in a couple years, they aren't making any money at all from it to pay for the maintenance and whatever building cost debt is still left to pay, if this price decrease doesn't get more people in there it's fucked.
The UAE still has the death penalty for homosexuals on the books.
[QUOTE=TailsPrower;25586558]The UAE still has the death penalty for homosexuals on the books.[/QUOTE] What's with you and everything always having to be about gays
[QUOTE=Magistrate;25586692]What's with you and everything always having to be about gays[/QUOTE] Seriously, it's all he ever talks about
[QUOTE=Magistrate;25586692]What's with you and everything always having to be about gays[/QUOTE] [QUOTE=wewt!;25586887]Seriously, it's all he ever talks about[/QUOTE] do you guys have a problem?
[QUOTE=Pace.;25584218]that looks scarily unsafe[/QUOTE] It isn't. But its meant to be a heli-pad more often than a tennis court.
[QUOTE=JDK721v5;25586933]do you guys have a problem?[/QUOTE] Wow shut up.
[QUOTE=JDK721v5;25586933]do you guys have a problem?[/QUOTE] JDK trollbaiting, what a surprise
Middle east sucks, no one from western societies wants to live there while islam is around.
[QUOTE=Arrows;25587585]Middle east sucks, no one from western societies wants to live there while islam is around.[/QUOTE] I don't care if people are islamic there, as long as I don't get my balls/hands/legs cut off for a minor crime.
[QUOTE=Arrows;25587585]Middle east sucks, no one from western societies wants to live there while islam is around.[/QUOTE] My muslim relatives live in the US. I live in the middle east. Also, most people in my school aren't Arab. In fact they're Canadian, English, Scottish, Italian, French, Welsh, American, Australian, Chinese, Korean, Bolivian, Columbian, Spanish, and so on. Their parents work and live here, and they want to work and live here because it has great benefits. And - you guessed it - most of them aren't even Muslim! Wanna know what that means? You're a fucking idiot! [editline]23rd October 2010[/editline] [QUOTE=DarkSpider;25588132]I don't care if people are islamic there, as long as I don't get my balls/hands/legs cut off for a minor crime.[/QUOTE] Avoid Saudi Arabia and Afghanistan. Two countries with extremist systems of government out of how many in the middle east? Honestly most of the stories you hear on the news are breaches of the government law itself. Hence why it's the news - it's unordinary. It causes just as much disgust around arab countries as it does in the west.
I use to live in the UAE, I use to live in a very good area. It's a shithole of a country, a dictatorship, crime everywhere and it's slowly dying due to it's economy. It doesn't even belong to Dubai anymore, Abu Dhabi has a huge say in the country since they bailed out Dubai from bankruptcy.
$1815? Damn, that's $5 too high for me
[QUOTE=Conspiracy;25584500]So PDA isn't allowed, that's their culture. Doesn't make them wrong because they think different, you are going to THEIR country after all... Also, tourism is an industry on it's own. I don't see a problem with Dubai trying to put its name on the map. I'm from Doha, by the way. I'm not pro-dubai but I just want to clear up some misconceptions. [editline]23rd October 2010[/editline] I'd say Doha, Qatar was the most stable to be honest. We depend on natural gas, and the prices don't fluctuate so we have the highest GDP or GNP - can't remember - in the world. Qatar Foundation, Al Jazeera, Qatar 2022 bid, all these important projects were started in Qatar.[/QUOTE] Holy shit. I live in Al-Khor. Fucking small world we live in huh?
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