By Staff writer
New pictures from the sites of Dubai’s most ambitious projects, stalled after the financial crash
They were launched amidst spectacular fanfare, grabbing headlines across the world and sparking a flurry of investments. Just three years ago, investors literally queued up overnight to snap up space in some of the world’s most sought-after projects.
So exactly what state are these key projects now in? Arabian Business last week visited the sites of many of the projects, from Michael Schumacher’s branded Business Avenue to the once-lauded Palm Diera
We have compared initial marketing brochures, telling investors what they could expect to see in a handful of years – to what they can actually find on those sites today.
The sheikhdom had the world’s fastest- growing property market from 2006 to mid-2008 because of rising demand from a growing expat workforce and speculation fuelled by borrowing.
But in late-2008, shortly after state-backed developer Nakheel announced plans to construct a 1km tower, the emirate’s property bubble burst, halving house prices and halting nearly 50 percent of planned real estate projects in the city.
From a historic building spree, Dubai has now been the Gulf’s worst performing property market for three years. An estimated 500 projects are facing cancellation this year, the emirate’s real estate watchdog said in March.
I left Dubai in 2008, just before the crash. Thank god we never managed to fulfil our hopes of buying propoerty there.
While this story is not "Breaking News" it is still very sad to see that such wonderful dreams have failed. I would have loved to have gone back in 2 or 3 years to stay in Hydropolis or one of the other mega projects.
Greed? Dreams? or just bad timing?
How about other off-plan properties which never started and will never be ? At least, the developers of most of the properties featured in this article are somehow present and the investors can communicate with them. There are several other off-plans that we, the individual investors, cannot even locate the developers to whom we paid a lot of money and now they are vanished! They are all gone and unfortunately nobody is in a position or intends to list their names or announce the cancelation of these projects. These incidents have left a very bitter taste in the mouths of thousands of expats who invested their savings in these bogus projects. Particularly, after finding out that almost all the money in escrow accounts have already gone. Anyone out there to help?
You are right Nirdaa... its combination of dream without substance and greed that put Dubai in this situation - other emirates as well. Ajman and RAK are ghost lands now. I just moved out of Dubai but wish to return in 2 years. God save all
I can so relate to Nirdaa. I was haggling over a mere AED 5000 in fees for a property in Remram with the realtor and backed out since I couldnt get my way. I call it providence else I too would be lamenting over the loss of my life savings. My heart goes out to those aspiring home owners who have sunk their hard-earned money into projects which will never be :(