The recent property crash in the Dubai real estate market has caused investors all kinds of problems, as property market crashes tend to do! However where Dubai has outdone itself in this respect is the total lack of information with regards to the current status of many under construction developments. The Emirate currently has Billions of dollars worth of property under construction, a large proportion of which now seems to been put on hold, and in a number of cases, canceled completely! With the credit crunch starting to bite, and demand for property falling sharply, many developers simply don’t have the necessary finance with which to complete developments, and even if they did, there now many not be the demand to make it worth while! Some freehold property developments have been cancelled, despite having already begun construction; such is extent of the problem with the current world and local markets. It is a lack of information and clarity on the current situation that is really not helping investors.
People have invested large amount of cash into Dubai property, yet many have no idea as to what the current state of play with their property now is. With all problems rumored, no one really has a clear picture as to what is going on, which of course is very frustrating! Last month a list emerged which claimed to list all developments in Dubai that were cancelled or that were no longer going ahead. The list, which featured some big name property developments, sent shock waves through the Dubai property industry. The list, if correct showed a much larger amount of property was currently on hold or not going ahead, than had been previously estimated.
Continue reading ‘Property Development Progress To Go Online’ »