By Elizabeth Broomhall
Emirate to host five top spots in list by 2013, combined cost of projects is $1.16bn
Far from being cowed by the slide in real estate prices over the last two years, Dubai looks set to dominate the list of the world’s tallest residential towers by 2013.
The emirate, which is known for its record-breaking projects, is looking to occupy the top five spots in the list and seven of the top 10, as a wave of new towers shoot up in the Dubai Marina area.
The combined cost of the five projects is $1.16bn.
The biggest of them all will be the 516m Pentominium tower, beaten in size only by its giant counterpart the Burj Khalifa in Downtown Dubai, which remains the tallest building in the world.
Next up will be the Princess Tower - due to be handed over any day now – which is set to occupy the top spot until the Pentominium is completed.
Although some of the five projects have faced delay, they will all enter the market over the next two years, despite prices that have fallen by around 60 percent since 2009.
Earlier this year, Dubai’s Real Estate Regulatory Authority (RERA) cancelled 202 property projects in the emirate.
Last week, Jones Lang LaSalle predicted that another 18,000 new homes would be completed in Dubai before the end of the year.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Yawn, here we go again...
And they'll all be empty no doubt.
I think in order to qualify for this list a tower should be at least 75% occupied. Dubai would then be hard pressed to make it into the top 100!
To live or work in the tallest tower provides cachet and justifies an ego price premium. But what is the point of competing to be the 2nd, 3rd, 4th or 44th tallest tower? Nobody remembers the runners-up!