Only a complete fool would be surprised at this burst.
By Daniel at 27 November, 2009, 9:19 am
I was in Dubai a month ago for 2 weeks on business and came to realize the following?
That pretty well all of those buildings that are over only 30 stories in height are running about a 80 - 90 % VACANCY RATE. Yes. Vancancy. That means that they have no tenants in them, and therefore no cash flow. Zilch!
You may as well call Dubai “Egotown”.
This construction frenzy was only a game amongst a lot of people that had far more money than brains. Who had the nicest most opulent building. The tallest. The fanciest. The best elevators. The best glass. The best design and on and on.
For several of the building that are 60 floors +, the elevator does not stop at the middle floors between say the 7th floor and the very top 5 or 6 floors. Why? Because there are no tenants there. Just plain concrete floors. No wiring. No A/C. No plumbing. Nothing. Just a phony glass facade to make the buliding “look great”.
This place is the land of crazy and it’s all over now. Surprised?
- Jonster
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