Wednesday, March 23, 2011

Dubai aims to complete 220 housing projects in 2011

The emirate of Dubai is moving ahead with its 220 residential projects in 2011, said Marwa bin Ghalita, Chief Executive of RERA (Real Estate Regulatory Agency).

Ghalita said that all the projects are being evaluated now, and any project that doesn’t seem good for investors will be stopped.

Although Ghalita did not mention the exact number of projects being cancelled, he said that RERA, in December, already cancelled 115 projects that remained off-plan.

The Director General of Dubai Land Department, Sultan Butti bin Mejrin, when speaking during a conference, said that real estate transactions worth Dh.123bn were signed last year.

The real estate sector in Dubai has bin badly hit by the downturn, with billion dollars worth projects being either suspended or cancelled, with real estate prices having declined by 60 percent.

Among these, the high-profile projects that Dubai has either put on hold or cancelled are Tiger Woods Residential and Golf Course project by Dubai Properties and the one-kilometer tall tower by Nakheel.


Mike Smith said...

UAE market especially when it comes to real estate is always in the eye of the people and this may be one of the main reason of its continuous fluctuation

but, on the other hand some great information was available in the article.

Thanks for sharing!

Philippine Real Estate said...

The Dubai market is going to see stable prices, with some minor increases and decreases depending on the location and potential of each project. In fact, there are several indicators that prove that Dubai real estate is on the path of recovery. The most significant increase is based on trading volume and ease of selling and re-selling property in addition to the hike in dues on real estate investment to about 10 percent, which is a good rate compared to revenues in many other markets.