Dubai Architecture in Recession
Real estate may be in recession, or property to the Brits, but so is architecture, and not just in Dubai.
As of early February, more than half of Dubai's real estate projects were on hold or canceled, from the 3,281-foot-tall Nakheel Tower designed by Woods Bagot to the Hydropolis, a 220-suite underwater hotel envisioned by designer Joachim Hauser. Analysts predict that Dubai property values, in total, will decline up to 60 percent in 2009 after years of record growth. Given this drastic turn of events, architects are being forced to reconsider their prospects in the region.
"Everyone is taking a real wait-and-see approach," says Wayde Tardif, an American designer who in 2007 co-founded POSIT Studio in Dubai. Tardif remains optimistic, noting that the slowdown will normalize the market and allow architects to catch their breath. He predicts a rebound in 16 to 18 months; he doesn't foresee a forgotten city full of empty towers. "Dubai has too much pride for that," he says.
Can you wait for a 2 year rebound?
Architecture in Recession: U.A.E.
As of early February, more than half of Dubai's real estate projects were on hold or canceled, from the 3,281-foot-tall Nakheel Tower designed by Woods Bagot to the Hydropolis, a 220-suite underwater hotel envisioned by designer Joachim Hauser. Analysts predict that Dubai property values, in total, will decline up to 60 percent in 2009 after years of record growth. Given this drastic turn of events, architects are being forced to reconsider their prospects in the region.
"Everyone is taking a real wait-and-see approach," says Wayde Tardif, an American designer who in 2007 co-founded POSIT Studio in Dubai. Tardif remains optimistic, noting that the slowdown will normalize the market and allow architects to catch their breath. He predicts a rebound in 16 to 18 months; he doesn't foresee a forgotten city full of empty towers. "Dubai has too much pride for that," he says.
Can you wait for a 2 year rebound?
Architecture in Recession: U.A.E.
Labels: property in Dubai
posted by grapeshisha at
8:59 PM
3 Comments:
not necessarily a bad thing.. maybe the new projects will be more tame, more realistic, and more sustainable..
dubai has succeeded in making the world look at us.
now we can stop lighting up flares and continue rowing the boat :)
Good point BuJassem...
Dubai has got all the attention it ever needs, the visibility it desperately sought and the brand identity it always wanted.
Now it needs to fine tune itself and make the whole thing sustainable and in tune with the times.
This correction is a blessing in disguise. I just hope the concerned powers view it that way.
hi purple.. thanks for your contribution. i couldn't agree any more. actually i'm putting my words into action at my new post here in dubai.
i was abroad until the recession came, and now is the perfect time to rebuild the uae :)
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