Construction continues to slow in UAE
The residential real estate sectors across the United Arab Emirates has yet to show any real signs of recovery as more developments are either delayed or cancelled due to financing difficulties.
According to recently released figures construction projects valued at around $170 billion failed to materialize during August – the vast majority were real estate developments.
After many years of successful real estate construction the axe fell in 2008 as credit lines were sharply withdrawn and many of the region’s main property developers were forced to abandon planned residential projects. In Dubai alone house prices were slashed by up to 60 per cent.
Experts suggest the future economic outlook remains too gloomy to predict a return to healthy trading conditions in the Gulf States property markets.