BURJ DUBAI is inaugurated with Armani Hotel still not opened and over half of residentials for still for sale

The wold’s tallest building BURJ DUBAI was inagurated today in Dubai amid the growing concerns about the economy of the Emirate which recently borrowed over EUR 10 billion from neighbouring Abu Dhabi in order to avoid collapse. 

One of the highlights of the BURJ DUBAI is the first ARMANI HOTEL initially annouced to open in 2009. Today, the building was inagurated but the Armani Hotel was still not open. The Armani Hotel is majority owned by EMAAR, one of the flagship companies of the ruler of Dubai, which has been under immense pressure due to its huge debts.  The newly annouced date for the opening of the ARMANI HOTEL Dubai is March 18th 2010, days before the set date for the opening of the ARMANI HOTEL in MILAN.  

Over half of the residentials in BURJ DUBAI are still for sale and prices have been slashed by over 50% compared to the levels of 2008 when the first residences were sold. The price per sqm reaches an average of EUR 1.300.