Dubai fears the end of its 'build it and they will come' model

Can an economy fuelled by the vagaries of the property market reform itself?

DUBAI • The shimmering Palace Residences apartment blocks will look out through palm trees, across calm creek waters lapping in from the Gulf towards what developers boast will be the world's tallest structure. The futuristic, rocket-shaped Dubai Creek Tower will be a "notch" higher than the Burj Khalifa, the current holder of that title, just down the road.

Off-plan sales of the Palace Residences were launched in January, with one-bedroom flats on the market for 1 million dirham (S$367,000), generating "significant demand". The plan is for the 6 sq km Dubai Creek Harbour to eventually house 200,000 residents.

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A version of this article appeared in the print edition of The Straits Times on April 02, 2019, with the headline 'Dubai fears the end of its 'build it and they will come' model'. Print Edition | Subscribe