There are hundreds of skyscrapers under construction at the same time across the emirate.
The photos below are from one area, the Dubai Marina, where an estimated 200 buildings are simultaneously under construction.
The same mega-scale construction is going on in dozens of other locales around Dubai. Thousands of projects all together. People joke that the national bird is a crane. The estimate is 700,000 blue collar laborers mostly from India, Pakistan, Malaysia and the Phillipines. We all ask the same questions: who is going buy, rent or stay in these places? It's not affordable housing. Is this sustainable or is it a bubble that will burst in 2011 when major construction dials down and the market is flooded with empty properties?
3 comments:
E
Cool blog. It is impossible to believe all these buildings will fill up and not remain largely vacant!
Hope you had a great vacation and Wishing you a Great 08!
love,
D
won't the sheikh just bail everyone out in the event of a market collapse?
what is the current occupancy rate?
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