The luxury AED1 billion Marina 101 skyscraper in Dubai is near completion but no one wants to buy it.
The 426m building in Dubai Marina has even had millions of dirhams wiped off its price.
And despite being the second-highest skyscraper in Dubai and the 28th highest in the world, it’s still unsold.
Most recently it went up for sale at auction with a base rate of AED361.45 million. But not one single bid was made.
They’ve even knocked another AED90 million off the cost again and still no sellers.
Has Dubai hit peak skyscraper? Or anyone fancy a skyscraper for a knock-down price?
#Dubai skyscraper #Marina101 finds no takers even after Dh90m offer price cut. Property owners reckon only RERA and other authorities can revive stalled 426m tower https://t.co/8YIDGYsD9o— Gulf News (@gulf_news) June 25, 2021
#Dubai skyscraper #Marina101 finds no takers even after Dh90m offer price cut. Property owners reckon only RERA and other authorities can revive stalled 426m tower https://t.co/8YIDGYsD9o
The Marina 101 project – so named as it has 101 floors – has been stuck at 97% completion since 2019. The building also contains 32 floors that have been earmarked for a hotel.
But despite the huge price cuts and its near completion, the building remains unsold. Which no doubt is very concerning for the building’s backers and creditors.
According to a Gulf News investigation, it would cost around AED50 million or so to finish the construction.
But it’s all very worrying for the hundreds of people who have bought units in the building costing upwards of AED1 million per apartment.
Investors and would-be residents are now hoping the government step in to help the situation which has been in planning and building for 16 years.
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