Wednesday, July 4, 2012

World's tallest building a real estate flop

Burj Khalifa has been a huge flop with investors, and real estate prices there have plummeted from highs of $2,450 per-square-foot to around $721 per-square foot.

The Burj Khalifa—currently the tallest building in the world and a landmark on the Dubai skyline—was lauded for its luxury apartments and deluxe amenities when it opened in 2010.

But the building has been a huge flop with investors, and real estate prices there have plummeted from highs of $2,450 per-square-foot to around $721 per-square foot, the Wall Street Journal's Tahani Karrar-Lewsley has reported.

Investors called the building "distressed" back in February, bringing to mind other super-ambitious real estate projects that have failed in the emirate in recent years. Read More