Posted on 07/03/2012 9:46:16 AM PDT by SeekAndFind
The Burj Khalifacurrently the tallest building in the world and a landmark on the Dubai skylinewas lauded for its luxury apartments and deluxe amenities when it opened in 2010.
But the building has been a huge flop with investors, and real estate prices there have plummeted from highs of $2,450 per-square-foot to around $721 per-square foot, the Wall Street Journal's Tahani Karrar-Lewsley reports today.
Investors called the building "distressed" back in February, bringing to mind other super-ambitious real estate projects that have failed in the emirate in recent years.
The Burj, which has 903 residential apartments, opened at a tough time, as other luxury high-rises were launching in Dubai and as the global economy went into a tailspin. The building's heavy security, long elevator trips and high service fees have also been a turn-off for prospective buyers, Karrar-Lewsley writes.
Even so, the developer told the Journal that the building is more than 80 percent occupied. And an investment-sales consultant interviewed by the Journal said he was confident that prices at the Burj would eventually climb, "but no one can say when."
(Excerpt) Read more at businessinsider.com ...
They had to out do the Trump Tower. ...... and did
I see another Babylon.
So that’s where all the money we spent on buying our enemy’s oil went.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.