After a bout of the flu this morning, I’ve been nursing tea all day and was unable to use my Jets tickets tonight (game time 8:20pm, 17 degrees, 30mph gusts).
I read about the $1.1B Burj Dubai tower, the world’s tallest, that was opened today. It is primarily residential but has 37 floors of commercial occupancy. It is supposedly 75% occupied, its an interesting announcement given Dubai’s credit woes and the fact that prices have fallen 52%.
But the disconnect with how a real estate market functions is best captured with this quote when referring to investors:
“They are people who can hold on to it comfortably for the next five to 10 years,” Downs said. “So even if apartments remain empty and lights switched off at night, that doesn’t mean the units are for sale in the market.”
I think they need to give international investors more credit than that (literally), shouldn’t they?