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More than half of Dubai's residential projects are frozen

29.09.2010
Homesoverseas.ru editorial office
39
The government of Dubai was forced to abandon the implementation of more than half of the planned residential projects because of the crisis that affected the real estate market of the Emirates. Of the 980 approved residential projects, 495 were curtailed or canceled, the state agency on regulation of relations in the sphere of real estate, - said in a statement published on Tuesday, September 28th. As a result of the global financial crisis, real estate prices in Dubai have fallen by 50% relative to their peak performance in 2008 year, forcing many developers to abandon projects worth a total of $ 330 billion - according to a published in April, the analytical report of the company Proleads. Property prices in Dubai could fall another 20% by the end of the year, when there will be 41,000 new homes on the market that will only increase the oversupply, - noted in the research company Credit Suisse Group AG. At the same time a number of companies have recently resumed work on its previously frozen project. In particular developer Nakheel today announced the resumption of work on the project Garden View, and the "second wind" last week received another Nakheel project - Al Furjan. On this Site: www.bloomberg.com
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from 593 617 €
2 bedrooms
build area 103 sq. m
pool
sea/ocean view
air conditioning
furniture
seller: Royal Home Real Estate
243 191 €
1 bedroom
build area 71 sq. m
pool
household appliances
sea/ocean view
negotiable price
seller: Royal Home Real Estate
459 574 €
1 bedroom
build area 120 sq. m
pool
household appliances
sea/ocean view
garage
seller: Royal Home Real Estate
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