World’s tallest building seems to be recession-proof tooAugust 25th, 2009 - 3:55 pm ICT by ANI
Dubai, Aug. 25 (ANI): Despite the worst recession in modern history, the world’s tallest tower, Burj Dubai, continues to retain its reputation as one of the most expensive addresses in Dubai, according to Middle East property experts.
Apartment prices in the tower are stabilising, experts say, with a two-bedroom apartment on the 57th floor available for one million pounds, Sky News reports.
In contrast, the market is showing less signs of recovery elsewhere in the Emirate.
“This is something we have noticed. As the world has had its financial problems some countries have gone into recession. But this is one area where a lot of the development dreams have actually been realised,” the report quoted Andrew Chambers, MD of Asteco, a UAE-based property consultancy, as saying.
“What we are finding is that, while prices have been dropping everywhere across the Middle East, Downtown Burj Dubai is one area where they are still consistently higher than they are in a lot of other areas,” he added.
In what has been dubbed “the Burj effect”, the neighbouring property in the Downtown Burj Dubai district is also benefiting from being close to the record-breaking skyscraper.
“The Burj effect is that people are living here, they can commute around here, they see the metro about to open here, and so they have got restaurants, they have got the hotels, they have got all the facilities that they have always been promised.”I think this has given hope to other areas. It will help this city and I think the Emirates all over”, Chambers was quoted in the report, as saying.
But not all market observers share Chamber’s optimism.
Matthew Green, head of research and consultancy CB Richard Ellis (UAE), thinks the Burj Dubai offers a unique prospect that other Dubai addresses cannot match.
“For the Burj Dubai and the surrounding area, everything is based on the opening of the tallest tower towards the end of the year.
“It will be the tallest tower in the world for years to come and that is really making it a bit different within the current market. Exclusive post codes are not recession proof but it seems investors in the world’s highest tower can afford to stand a little taller than most”, the report quoted him, as saying. (ANI)
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