Dubai is known for its grand and opulent architecture that has redefined the skyline of the city. From the world’s tallest building, Burj Khalifa to the iconic sail-shaped Burj Al Arab, Dubai has some of the most extravagant buildings in the world. However, many people wonder if these buildings are simply just for show and if they are really occupied or empty.
The truth about empty buildings in Dubai
Contrary to popular belief, most buildings in Dubai are not empty. In fact, Dubai has a high occupancy rate of around 85% as per reports by Gulf News. This is due to a combination of factors such as a growing population, influx of tourists and expats, and increasing job opportunities.
However, it is true that there are some buildings in Dubai that appear to be empty or underutilized. This is mainly because of the speculative property market that existed in Dubai before the global financial crisis in 2008. Many investors bought properties with the intention of selling them at a higher price but were unable to do so when prices crashed.
What happens to these empty buildings?
Most empty or underutilized buildings in Dubai are not abandoned or neglected but rather left unused until they can be sold or leased out. Some developers may also use these properties for storage or as temporary offices until they find tenants.
There have been instances where developers have repurposed these buildings into hotels or residential complexes after refurbishing them. For example, the Jumeirah Village Circle was initially planned as a residential area but was later converted into a hotel and resort complex due to low demand for residential properties at that time.
- The impact on property prices
The perception of empty buildings can affect property prices in a particular area. Properties around an area with several underutilized buildings may see their values depreciate as potential buyers may be hesitant to invest in areas that appear to be deserted or neglected.
Conclusion
In conclusion, while there are some empty or underutilized buildings in Dubai, the majority of structures are occupied and contribute to the city’s booming economy. As the city continues to grow and develop, it is likely that these unused buildings will be repurposed or redeveloped to meet the needs of its residents and visitors.
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