One-Year-Old Burj Khalifa Tower Points to Dubai’s Triumphs, Troubles

One year after it was opened to great fanfare, Dubai’s Burj Khalifa Tower continues to inspire awe. Tens of thousands crowded around the world’s tallest skyscraper and an adjacent park New Year’s Eve to watch what was billed the world’s highest display of fireworks light up the building and surrounding sky.

But behind the fireworks-lit façade of 160-floor Khalifa, problems still persist for the tiny emirate. Only about half the tower’s 900 apartments have been transferred to owners and only half of those are occupied, according to one real estate source. And, more towers are on the way, led by the 107-story Princess Tower in Dubai Marina ^[1] and the 91-story Elite Residence ^[2] comes on line this year, to give Burj Khalifa competition. Landmark Advisory, a real estate firm, said in October that sale prices and rents are falling across Dubai as the supply rises.

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Laid low by debt – two months before Burj Khalifa opened for business, Dubai World sparked the crisis by asking a delay on paying $25 billion in debt  – Dubai is struggling to resurrect itself as a business, financial and tourism center buttressed by a luxury lifestyle of palmed-shaped islands, shopping malls and hotels.

Its success is mixed to date. Dubai is still contending with big overhangs of residential and office space as well as debts estimated at about $110 billion. But the emirate’s less glamorous business sectors  — trade, services and tourism  — are gradually recovering.

http://www.themedialine.org/news/news_detail.asp?NewsID=31023 ^[6]