Property Investment Rumors – Burj Dubai Will sit Empty for a Year

The Burj Dubai reached it’s final height of 818 meters recently, but we are hearing an interesting rumor that, the Burj Dubai is now wholly owned by the Abu Dhabi government (see the recent Dubai bond issue) and as “punishment,” for their vaulted ambitions, the building will be left empty for at least one year after it is finished being fitted out.

We all know there is no love lost between the sheiks, and Abu Dhabi has consistently criticized Dubai for building extravagant monuments in the desert. The Dubai property bubble has burst in a big way, and there is a good argument that the Dubai luxury property market will never recover from the current crisis and even if they were to start accepting tenants, I have a feeling they would have a tough time doing so in the current economic environment.