Dubai is, once again, developing the world’s tallest tower. Of course, the Burj Khalifa, also based in Dubai, currently holds this title at 829.8 m (2,722 ft) tall. But the country is nothing but ambitious.
The latest project, Jeddah Tower, will be the first structure ever to reach the one-kilometre-high mark. In fact, it was initially planned to be 1.6 kilometres (1 mile) high, but the geology of the area proved unsuitable.
The building is being created by Saudi Arabian Prince Al-Waleed bin Talal, the wealthiest man in the Middle East, and nephew of the late King Abdullah. This is handy, since the project is expected to cost $1.23 billion.
While Dubai continues to build real estate of truly epic proportions, it is interesting to note that, from a value perspective, marketers say prices for the new apartments start at over seven-times less per square foot than in prime central London.
And with this comes the question of investment. The credit agency Standard & Poor’s recently said it expects UAE real estate prices to continue sliding in 2016, highlighting lower oil, a stronger dollar and geopolitical tensions as reasons behind this prediction.
But there is of course no denying, the world’s tallest building, and first to reach a full kilometer, will always hold desire at spectacular proportions.