Project cancellations hit Dubai developers

By Andrew Yule, Afridi & Angell
0
1324
LinkedIn
Facebook
Twitter
Whatsapp
Telegram
Copy link

Dubai’s Real Estate Regulatory Authority (RERA) has completed a programme that reviewed the emirate’s real estate projects, seeking to establish the viability and likelihood of completion of each project.

The Dubai Prospectus posted on the London Stock Exchange website states that: “In the last two years, RERA has … completed a review of more than 450 projects and, of these reviewed projects, 237 are expected to be completed in due course. 217 registered projects have been cancelled by RERA as at 31 May 2011.”

Concerns have been voiced by some commentators that there is oversupply to the Dubai real estate market and that this is driving down unit prices. The cancellation of projects that are unlikely to be completed is one way to help stabilize the market and to provide more clarity about the completed units that will be released to the market in future. This could in turn lead to lead to recovery in price levels.

You must be a subscribersubscribersubscribersubscriber to read this content, please subscribesubscribesubscribesubscribe today.

For group subscribers, please click here to access.
Interested in group subscription? Please contact us.

你需要登录去解锁本文内容。欢迎注册账号。如果想阅读月刊所有文章,欢迎成为我们的订阅会员成为我们的订阅会员

已有集团订阅,可点击此处继续浏览。
如对集团订阅感兴趣,请联络我们

Andrew Yule is an associate at Afridi & Angell, a UAE-based law firm. He can be contacted at ayule@afridi-angell.com. Afridi & Angell has offices in Abu Dhabi, Dubai and Sharjah.

Afridi_&_Angell_logo

Level 35 – Jumeirah Emirates Towers

Sheikh Zayed Road, Dubai

P.O. Box 9371

United Arab Emirates

Tel: +971 4 330 3900

Fax: +971 4 330 3800

Email: dubai@afridi-angell.com

Web: www.afridi-angell.com

LinkedIn
Facebook
Twitter
Whatsapp
Telegram
Copy link