Photo: P Donovan on flickr
Now here’s the scary part. Dubai hasn’t stopped building:
As many as 48,000 homes will be completed in the next two years, increasing current supply by 12 per cent, 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.
Real estate values have already fallen by over 60 per cent since the Dubai crisis, according to Arabian Business. New properties coming online are expected to push prices down by another 10-15 per cent, in a slump lasting another 18 months.
Last year Dubai office space was the fourth most expensive in the world, at $1,214 per square foot per year, according to Cushman & Wakefield. This year the emirate has fallen off the list, with declines of more than 30 per cent.
Don’t miss: Why Dubai Was The Most Obvious Bubble Ever >
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