Dubai Faces Sea of Empty Units
Somehow this is not a big surprise: Dubai, the poster child for the boom years, is facing a surplus of 31,000 homes by the end of the year, according to a new JP Morgan report.
You don’t need a fancy economic degree to figure out the reasons for the sea of empty homes. “Modest economic forecast and negative population growth estimates” are blamed for the surplus. In other words, the flow of overseas buyers has dried up for all those new, ground-breaking, one-of-a-kind developments.
Read more