The dense banks of half-constructed towers in Ajman’s Emirates City loom over the horizon from miles away, testament to the distance travelled by Dubai’s property woes.
Envisioned as a community of about 90 towers, the dozen or so skeleton structures stand dormant. Ajman, one of the smaller members of the United Arab Emirates, followed Dubai’s lead and established itself as a budget version of the city-state’s deluxe real estate sector.
Emirates City, which lies about 50km from central Dubai, could have become another thriving dormitory for the booming Dubai economy. But it has fallen victim to the problems of its neighbour’s property sector: excessive speculation turning to despair as developers scrabble for cash amid a collapsing market.
No comments:
Post a Comment