Tuesday, May 19, 2009

More than 200 project constructions on-the-go in UAE

The UAE construction industry, with more than 200 projects on track, due for completion towards first half of this year, totals to more than that for the whole of last year. A total of only 184 projects have been completed last year.

About 135 projects have been completed during the first quarter of 2009, with about another 70 to be completed during the second quarter, said industry analyst, Proleads.

According to Proleads, only 2.4 percent of the 1289 UAE construction projects, worth $1.28 trillion, which were in progress during the beginning of the year, have been cancelled. This implies that around 30 projects have been cancelled.

Prior to global financial crisis, both investors and speculators wanted to be a part of the Dubai property boom, and were looking for investments. But now, investors are seeking only those projects that have been completed, and have facilities.

EFG-Hermes, in its recent property report, however, said that project cancellations and delays are necessary for the market.

The Dubai Land Department is current reviewing several projects in Dubai and about 500 developers will determine the projects that will go ahead. The Chief of Dubai's RERA (Real Estate Regulatory Authority), said that a special committee was considering 27 projects that may be cancelled.

1 comment:

jack39 said...

It woud be useful to know the names of the projects due for completion this year and the names of those hat will be cancelled.