Saturday, November 15, 2008

Panel established to monitor future real estate projects

With property slowdown hitting the emirate, a committee has been established by the Dubai Government to monitor future real estate projects.

The Panel constitutes master and private developers with the intention of securing future supply. No projects would be called off and the committee will decide on anything to be launched only in the future, he said.

Fears of property sector slowing down have been worsened by the global financial crisis, and this has made financing harder to come by and led to project delays.

The biggest developer of the Arab world, Emaar Properties, when speaking to the media, mentioned that it would provide more time to customers to repay their mortgages, given the lending conditions among local banks.

However, a 9 to 13 percent slow down is likely due to the current global recession, said Emaar Chairman, Mohammed Alabbar.

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