Developers hard at work in Dubai
Developers of real estate in the UAE, in particular property in Dubai, are having to employ a raft of techniques to ensure they remain afloat in these testing times.
Cayan and Bonyan have both resorted to repossessing properties where investors have defaulted on payment. Bando Construction, with their U-bora Tower in the Business Bay, has also taken similar action. Emaar properties has brought various projects to a temporary halt and in particular, investors in two apartment blocks that were due for completion last month have been told the project won’t reach completion for another two years.
Once repossessed, many of the finished developments are almost immediately going to auction in a bid to financially support the businesses. Anyone looking for property to buy in Dubai may like to know that Union Properties are willing to sell any of its projects, on the proviso of a fair price being offered. The companies are working hard against the restrictive lending practices of the banks, giving ever more power to those ready to invest.