Dubai, the ghost city : 40% of buildings are vacant...Detroit in better shape

THE DUBAI WASTELAND: 40% Of Buildings Are Vacant And Prices Keep Falling

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.

Well it seems the country's plan to become a touristic center after oil runs out around 2015-2018 is failing so far...

Hell with those prices, I might go buy something there.

This is interesting as I am going to dubai in july and may possibly end up living there!

Might snatch up a cheap Gold Plated Mansion while i still can!

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?

It's a conspiracy for $$$ essentially.

The architecture firms, combined with raw material firms that supply things like steel, concrete, glass, combined with political elements out for personal gain, etc; are in this together.

Not only are they sucking the $$$ out of every place they can get in, they are also creating bubbles that will pop and cause massive recessions in those specific markets. That's ok though, because the guys who created this won't feel the pinch of the crash. They have shifted that liability to everyone else.

See really it's a perfect strategy to get rich.

This isn't just in the UAE, it's everywhere, from China to Indonesia etc.

Oh and an additional benefit, it "creates jobs", for a short temporary period at least haha.

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?

If you build it, you get paid. $$$$

If no one uses it tomorrow who cares! You got paid big $$$ yesterday.

Oh and just pay off those politicians and govt bureaucrats, and they will pass laws to use govt funding (taxes) to hire you to build even more!

So what if no one uses it, you and the bureaucrats you paid off just banked big time!

$$$$$$$$$$