By Julie Zeveloff www.businessinsider.com
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 reports today.
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. More info