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.
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