haux wrote:Hopefully Dubai can actually sustain this park. It's growing faster than people are coming in.
You know, this really is a logical concern. After looking back over the last set of John's pics that he posted, I saw a huge resemblence to something that's been happening in South Florida over the last 8-10 years or so. There was a HUGE beachfront condo boom from Palm Beach to Miami that has recently cooled off quite significantly due to the current market.
Condos on Fort Lauderdale beach that were selling for a few million several years ago can now be scooped up for several hundred grand. I'm obviously aware of the distinct differences between South Florida and Dubai, but everytime I see a new project announced over there (although I'm still fascinated by them), a little voice of reason inside my head is screaming "slow down, Dubai....things change." I seriously wonder how many of those residences will sit empty.
Also, for a region who's banking on sustaining itself by trade and tourism, is it just me, or does it seem odd that many of the locations, hotels, etc. seem marketed towards the "elite, or higher end" crowd? Seems to me, over time you'd have to take a page out of Orlando's playbook. Maybe it's just me, and I'm looking at it wrong.