Jumeirah Lakes Towers saw a slight decrease in studio rents, dropping from Dh28,000 to Dh26,000. However, the more expensive units stayed the same, with rents averaging around Dh40,000. Also staying the same were the smaller 2 and three bedroom apartments, as well as the 2 and 3 bedroom flats.

Other areas that saw a small decline in annual studio rents included International City, Dubai Marine, Discovery Gardens, and Deira. It’s expected that these rents will continue to fall and more payment options will become available, as more units become available.

The number of short term tenants is increasing as well, as more people have lost their jobs or are in fear of losing their jobs. They simply don’t want to be locked into a long contract with their employment up in the air.

Dubai is one of the favored markets for this industry, especially with the emirate’s policy on green building. Palm Utility and its subsidiaries, Palm District Cooling and Palm Water, was created to address the critical areas in the district cooling and water services. The company also plans to pursue new business activities, including environmental waste management and sustainable energy. The presentation also included plans for an expansion of the company’s operations overseas, including India and Asia, as well as beginning talks with potential partners in the Middle East.

The Burj Dubai, when completed, will be the world’s tallest tower. Emaar, the developer building the tower, will have to position themselves just right and many hope that there will be a quick uptake of this world record building. This tower will add millions of square feet of retail, office, and residential space to a market that is already saturated. While some will remain hopeful, others predict that the Burj Dubai will drag down prices in areas such as Silicon Oasis and Jumeirah Lake Towers.

If the past few months are any indication, the Burj Dubai may not be enough. With developments such as the first seven-star hotel, the biggest indoor ski slope, and the man-made islands, Dubai has still been unable to shield the emirate from the downturn in the economy.

Experts indicate that the Burj Dubai should bring a new momentum to the area; however, only time will tell.

With the ultimate stop date of March 31, 2008 long gone, a UK-based investor who owns a unit in Goldcrest Executive, spoke only on the promise of anonymity, said that the developed refused to pay any compensation for the late delivery, even though the terms were clearly laid out in his contract. He also stated that through repeated calls to the developer, he was told that compensation would be forthcoming, but as of yet, it hasn’t happened. Many other owners have expressed the same. One of the largest concerns is that the owners are having to additional living expenses because they cannot live in the purchased properties.

Star Giga Establishment said that the encountered delays were beyond Star Giga’s control. Star Giga also stated that they have received the building completion certificate that is required for Goldcrest Executive and have begun handing over the units. Goldcrest Views II is about 94% complete. The delays with this property are due delays in permanent power from Dubai Electricity, Water Authority, and District Cooling connections, according to Star Giga.