Burj Dubai: reaches its final height / Financial crisis delays work on new tallest tower

Cash Crunch Halts Work on Dubai Skyscraper

“…In a further sign that the property bubble in Dubai has popped, Nakheel, the state-controlled developer, said it was halting work on a skyscraper that would have stood one kilometer tall, or roughly twice the height of the Empire State Building in New York… The suspended building is part of a growing list of projects that have gone cold in what was one of the hottest real estate markets in the world. In December, Nakheel stopped work on Dubai’s very own Trump Tower — an $800 million project that was to sit on one of the emirate’s fabricated palm-shaped islands...”

Dubai Real Estate Market

Dubai Hotels in price war
“…Dubai hoteliers are waging a price war, with room rates cut by as much as half as they try to lure tourists hit by the global financial crisis… The recession in Europe, Dubai’s largest tourist source market, has caused a sharp drop in visitor levels, with occupancy rates down 25 per cent on those enjoyed at the same time last year… “We are entering a price war as most hotels in Dubai are cutting their rates,” said Amine Moukarzel, the senior vice president and managing director of the Dutch-Swiss Golden Tulip group…”

People should have some support system

“…Dubai: Two years ago, Mike and his family were doing great. He had the perfect job, a nice apartment and three happy children who went to one of the best schools in Dubai… Today, Mike and his family are struggling. He lost his job and can't find an affordable place to live. The biggest problem though, is that he could end up in jail. The car loan, which was not an issue last year, is now a big problem because of his lack of income… Today, and because of the financial crisis, many people find themselves in Mike's shoes, faced with his fears and concerns…”