The work on what could be world’s tallest tower has been halted in Dubai. The state-owned real estate company Nakheel has postponed for a year construction on one-km-long tower in the wake of the meltdown of once-overheated Middle-East real estate market.
ALthough I am a Lawyer by profession and not a Property market expert, what I have understood from my friends of who are into real estate business in Dubai that Dubai has seen that extra-ordinary boom in real - estate in recent years and also that Dubai market is investor friendly but at the same time this sector is very much unorganised. While bulding a one-story building, one makes a long time planning keeping in mind the past & present trend. And you are making the tallest tower of the world without proper plans (there should be golden interpretation of this word). This kind of incidences are just an example of rich but unorganised and ultimately crumbling real estate market.
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ALthough I am a Lawyer by profession and not a Property market expert, what I have understood from my friends of who are into real estate business in Dubai that Dubai has seen that extra-ordinary boom in real - estate in recent years and also that Dubai market is investor friendly but at the same time this sector is very much unorganised. While bulding a one-story building, one makes a long time planning keeping in mind the past & present trend. And you are making the tallest tower of the world without proper plans (there should be golden interpretation of this word). This kind of incidences are just an example of rich but unorganised and ultimately crumbling real estate market.
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