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Forty percent of the buildings in Dubai are vacant, according to Arabian Business.
For comparison only 28 percent of homes are vacant in America's ghost town, Detroit.
Now here's the scary part. Dubai hasn't stopped building:
As many as 48,000 homes will be completed in the next two years, increasing current supply by 12 percent, Landmark Advisory estimates.
Around 12 million sq ft of commercial space probably will be completed in Dubai this year, according to Jones Lang LaSalle Inc.
Real estate values have already fallen by over 60 percent since the Dubai crisis, according to Arabian Business. New properties coming online are expected to push prices down by another 10-15 percent, in a slump lasting another 18 months.
Originally posted by minkey53
I saw something in the news about a month ago that said China has got loads of whole towns, empty, new ones, with shopping centres and football stadiums all sat there brand new! Not a person or car etc in sight!
Are they expecting a few hundred thousand Alien Visitors to descend upon them?