To go along with the mile long bridge that jeff posted eariler heres a little showcase of whats going on over there Dubai is said to currently have 15-25% of all the world's cranes. and There are more construction workers in Dubai than there are actual citizens http://www.dubai-architecture.info/DUB-GAL1.htm
The real question shouldn't be "WHAT THE HELL IS GOING ON OVER THERE?" but who is going over there, and why? I havent seen it in person but am baffled as to how they're going to fill the place.
Most of their fresh water comes from desalination plants. Dubai has a capacity of 188 million gallons per day.
They come here because it's by far the best place in the region to do business, though the recent huge increases in the cost of living are changing that equation significantly. Who's going to live in all these real estate developments is a mystery to me as well, but if they ever do fill up the city will grind to a halt because no one will be able to get anywhere. We are dangerously close to terminal gridlock now. If you ask me there is no intention for anyone to actually inhabit these new structures around the marina and on the palm islands. There certainly hasn't been any serious attempt to build a transport infrastructure to handle the traffic. One last note: locals have long been a minority here: over 90% of the workforce is expat. It's not just the construction workers, every office, factory, and shop is staffed by expats. Just about the only jobs locals take are government jobs and useless make-work jobs in banks, which are required to "employ" a percentage of locals.
40 years from now after most of the Dubia oil runs out people will be wondering why they built so much.Alot of other middle eastern cities will be doing similar type build ups to compete with Dubai.Dubai is not the richest oil country in the middle east,but the big downfall I think will be the cost of making fresh water and regional competition. And no matter what anyone wants to believe,most of this build up was payed for with oil money.
That's what I wonder, too. It seems like Dubai is on a path much like what has happened here in the past 2 years but on a much LARGER scale; everyone wants a piece of the pie, but there aren't enough forks. I find a good rule of thumb is that when everyone else is doing something, it's usually time to stop doing it. Just as new homes and condos are languishing in Chicago, Miami, California, etc, so too will many of these massive projects in Dubai. They think they're gonna attract tens or hundreds of millions of visitors to the place? Seriously? New York and London and Rome all have history, culture, prestige and a certain mystique, which Dubai completely lacks. Dubai will be perfect for the people who love Vegas but find it a bit cold in the summer and could do without the gambling, alcohol, partying, and strippers.... you know, everything that makes Vegas a worthwhile visit.
Plenty of booze and hookers in Dubai, even pork! The main market is Europeans in winter, but they try to get people to come in the in summer, and some do, but the old days of being a cheap vacation are long gone. And Abu Dhabi has all the oil, not Dubai. The idea is to have an economy when there is no oil left, but short-term greed has taken over. No surprise there. I see the real-estate market as a scam and a bubble sure to burst, leaving the last ones in holding the bag. Don't say I didn't warn you.
I saw a report on TV about 6 months ago that said 90% of that island is already sold out. Most of the people that bought there are from other countries and use the homes as their vacation home.
Look at the amount of super tall buildings they are constructing too. The Burj Dubai is set to be 2,625 feet, that's only 15 feet short of being a half mile tall.
Very impressive!!! I find it hard to believe someone could put all this money in without having a clear strategy. Thoughts ?
I've been wondering about this for some time... under the impression it's just real estate agents selling off property one to the other. This has to collapse at some point - I find it hard to believe the influx of people to Dubai is large enough to sustain demand on a more or less equal level to supply. Duabi's expanding at a phenomenal rate - while it is awe inspiring, it also leaves one having doubts... 90% of that island... what about palm no2 and 3, The World and Dubai Waterfront?
It's been a few months since I have flown over "The World" but I have watched it for the last year and a half and it's still pretty formless from what I can see, at best continents are vague outlines. Last I saw there were only a few islands that had anything resembling development (one of which reportedly belongs to Michael Schumacher) and most just look like blobs of brown. The Palm islands are impressive for sure.
