Wednesday, June 15, 2011

129 projects completed, 450 projects on way for completion in Dubai

Dubai has already witnessed completion of 129 projects since 2009, with 237 out of 450 projects due for completion in due course. RERA (Real Estate Regulatory Agency), the regulatory arm of Dubai Land Department, mentioned that 217 real estate projects have been cancelled as of 31st May.

At present, about 455 registered developers and 893 registered brokers have been registered in Dubai as of 31st May, while 114 projects have been registered under the Tayseer programme (Government-guaranteed funding project).

The statement further said that following considerable price declines since the fourth quarter of 2008, owing to withdrawals of speculative buyers in the market, the prices have now stabilized in completed developments.

The Dubai Statistics Centre reported that 1148 buildings worth Dh.5.7bn were completed in the first quarter. The real estate and business services sector accounted for Dh.40.3bn or 13.7 percent of GDP in 2010. Meanwhile, the construction sector contributed to Dh.27.5bn worth 9.4 percent of GDP in 2010.

2 comments:

Dubai Property said...

Above information is very amazing because some points like the "Dubai has already witnessed completion of 129 projects since 2009" is big news for me. Before this article some information I have searched through different sites. But finally I have understood that' what is the real cause of Dubai cancellation construction projects.

investment property in perth said...

237 out of 450 projects completed means that Dubai is going to face more improvements especially on the hosing sector. Dubai's growth is showing promise. I hope I can Invest in some property there soon.