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...

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.

 

Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

 

 

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