Tuesday, October 28, 2008

Dubai Uh Oh

Walking through Dubai International airport last summer on, I passed an enormous aerial photograph of what claimed to be the Dubai skyline. But it looked nothing at all like the city I just flew over. I looked closer, and saw that many of the buildings were not photographs, but computer renderings, and they were accompanied by an asterisk, indicating that they were "slated for completion 2010-2012." These imaginary buildings took up 0ver 75% of the skyline.

In addition to being a complete sht hole, the city is also a sham. It doesn't exist in the form that it's presented to the world. And now it looks like many of those buildings won't be built for a long, long time, if at all. (I wonder how many of them will get Hearsted?) From today's Journal:
"Emaar [one of the city’s biggest developers]'s stock has fallen 62% since the beginning of the year, that’s more than the 48% fall in the Dubai Financial Market’s main index over the same period, according to Zawya.com data. Earlier this month, Colliers International said the growth of property prices in Dubai slowed to 16% in the second quarter of 2008 from 42% in the first quarter. Morgan Stanley warned in August that property hotspot Dubai could see a 10% fall in prices by 2010."