"It's happening all over. I describe this as luxury estate becoming the new global currency", said real estate appraiser Jonathan Miller.
As the world's economy is sky-rocketing, the demand for super tall skyscrapers also increases rapidly. Because the available space keeps reducing, new condo buildings keep getting taller and skinnier than ever.
The major part of the demand comes from international buyers, businessmen, and billionaires that are looking to invest.
Even though technology advancements allow architects to go higher without affecting the physical health of the residents, there are certain problems that developers have to face. First the costs of making these high skyscrapers are twice that of shorter buildings. Also, city lots are extremely expensive, and there are tons of regulations and community opposition.
http://money.cnn.com/2014/09/04/real_estate/builders-develop-sky-high-luxury-condo-buildings/index.html?iid=Lead
I wonder if there is a possibility of an environmental advantage to this type of housing. With less ground space being taken up by one person (or hundreds in this case) perhaps there would be more room for small urban farms, or just gardens and parks. It'd be interesting to do an environmental impact report on this type of residence versus a very spread out suburban landscape. Cool article!
ReplyDeleteWhere is most of the growth in this space? Is it in Asia, Europe, or the Americas? Would be interesting to see where the new buildings are popping up.
ReplyDeletePersonally, I like this idea of taller and or skinnier condo buildings. With space being as tight as it is, we can construct more buildings without taking up so much land. Odds are, the land that is not being used will be in the near future by some sort of entity that adds to the nation's GDP therefore economic growth. With technology advancing rapidly, I believe these new building structures will play a popular role despite the multiplying price.
ReplyDeleteIt would be interesting to see the impact this new development has on those who currently live in or around the areas where these skyscrapers are being built. Are their lives disrupted? Are they being forced from their homes to make room for these luxury apartments? I also am curious to see the economic effect this will have on surrounding businesses. Will it help them economically or will they be bought out so as to tailor to the interests of those moving into these condos?
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