Some hot global property markets may be showing signs of cooling off, but that hasn't dissuaded Dubai's Emaar Properties. This week, the company launched a stunning showcase of its latest luxury project at upmarket London department store Harrods.
The event comes amid tough times for the city state's property market. Real estate services company, Jones Lang LaSalle (JLL), claims villa and apartment prices have fallen by 11 percent and 10 percent respectively in the past year, with hotel rates also heading south.
Emaar's project will feature what is set to be the world's tallest tower, taking the title from its own existing Burj Khalifa construct in Dubai, which rises to 828 meters. Emaar's reign may be challenged however: Saudi Arabia's Jeddah Tower, scheduled for completion in 2018, aspires to snatch the title.
So is another towering trophy asset really what the city needs?