Dubai's Burj Al Arab Hotel.
Arabian Business writes that 40% of homes and offices in Dubai are empty. If that doesn’t seem worrying to you, know that Detroit, America’s famous ghost(ish) town, has a vacancy rate of only 28%. Ouch!
And even though vacancy rates are insanely high, 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. Office vacancy rates stood at 41 percent in the fourth quarter and may exceed 45 percent over 2011, the property broker said on January 23.
Also worth noting here is the fact that Dubai’s archipelago of artificial islands (the ones shaped like the countries of the globe) is looking fabulous sinking into the sea.
Dubai: beautiful on the outside, empty on the inside. Just like my ex. Ha!
