"At 2,717 feet, the Burj Khalifa is the tallest building in the world, but since its opening two years ago, it has struggled to profit from its grand reputation.
As Angela Shah reports for The New York Times, investors are calling the Burj "distressed," as the building has not yet bounced back from a 40 percent downturn in apartment prices it suffered in 2010.
at http://www.businessinsider.com/the-worlds-tallest-building-is-now-a-distressed-property-2012-2#ixzz1m0XsOiUK
As Angela Shah reports for The New York Times, investors are calling the Burj "distressed," as the building has not yet bounced back from a 40 percent downturn in apartment prices it suffered in 2010.
Meanwhile Dubai's stock market is stuck at its lowest level in 7 years.
The slump in the Burj's value is indicative of just how much Dubai has suffered from its absurd real estate bubble. Real estate values have fallen by over 60 percent since the Dubai crisis, according to Arabian Business.
Some of the ambitious real estate projects that have already failed in Dubai include The Nakheel Harbour and Tower, the Palm Deira, and the Trump International Hotel and Tower.
Forty percent of buildings in Dubai are vacant, despite that the Emirate has not stopped building and real estate values have dipped lower..."
at http://www.businessinsider.com/the-worlds-tallest-building-is-now-a-distressed-property-2012-2#ixzz1m0XsOiUK
