Developers in the UAE must decide on stalled projects

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Developers in the UAE must decide on stalled projectsReal estate analysts are urging the Dubai government to decide how to address the problem of stalled development projects in the Dubai housing market.  After bottoming out in 2008, many developers were forced to put their projects on hold and have no foreseeable date to resume construction.  State-backed Nakheel alone was forced to put 107 projects on hold, about 40% of the total stalled projects in Dubai.

Allowing developers to suspend operations would allow investors to reclaim their lost investments or secure apartments elsewhere.  But there is worry that this could cause a run on the developers, as they’ve invested portions of their sales elsewhere.  The Dubai Land Department is also investigating other options for completing or canceling some stalled projects in an effort to spur home sales.

 

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Real estate analysts are urging the Dubai government to decide how to address the problem of stalled development projects in the Dubai housing market.  After bottoming out in 2008, many developers were forced to put their projects on hold and have no foreseeable date to resume construction.  State-backed Nakheel alone was forced to put 107 projects on hold, about 40% of the total stalled projects in Dubai. Allowing developers to suspend operations would allow investors to reclaim their lost investments or secure apartments elsewhere.  But there is worry that this could cause a run on the developers, as they’ve invested...

Reading Time: 1 minute

Developers in the UAE must decide on stalled projectsReal estate analysts are urging the Dubai government to decide how to address the problem of stalled development projects in the Dubai housing market.  After bottoming out in 2008, many developers were forced to put their projects on hold and have no foreseeable date to resume construction.  State-backed Nakheel alone was forced to put 107 projects on hold, about 40% of the total stalled projects in Dubai.

Allowing developers to suspend operations would allow investors to reclaim their lost investments or secure apartments elsewhere.  But there is worry that this could cause a run on the developers, as they’ve invested portions of their sales elsewhere.  The Dubai Land Department is also investigating other options for completing or canceling some stalled projects in an effort to spur home sales.

 

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