No one can say that Dubai is not forward thinking in their plans for the emirate. There seems to be a never ending supply of new developments and staggering construction projects. An interesting statistic I came across recently –
25 percent of the world’s operating construction cranes are currently in Dubai - working. That’s 30,000 cranes at the moment.
Some are beginning to question the sustainability of all this, especially when you consider all the construction is in the desert - with limited water supply and every single project putting more and more pressure on a limited infrastructure. Money week made an interesting comment recently – “When a property developer starts handing out free BMWs and Bentleys with every apartment sale, you can be sure that a property bubble isn’t far off popping.”
This was in response to a recent promotion run by DAMAC which promised a free BMW or Bentley with every condominium sale. But they do like to do things on a large scale in Dubai. Whether this can continue indefinitely or not remains to be seen. Unlikely we feel.
Edit - The Dubai bubble has now firmly burst, with prices falling at an alarming rate. and a staggering amount of property for sale in Dubai at distressed prices.
