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Construction cancelled or postponed........
Dubai property boom hits the wall
More than half of the residential and commercial property projects in Dubai due for completion by 2012 have been put on hold or cancelled, a study says. Property company Jones Lang LaSalle says a lack of funding, job cuts and a fall in population are the cause of the delays and cancellations. Dubai's property market has seen a sharp downturn recently after years of rapid development and booming prices. The report shows vacant office space has doubled in the past six months. Hotel occupancy rates have also fallen to a five-year low. Jones Lang LaSalle expects the residential property market to suffer further in the next three months. |
Re: Construction cancelled or postponed........
Originally Posted by The Dean
(Post 7364089)
[COLOR="Navy
Hotel occupancy rates have also fallen to a five-year low. [/COLOR] |
Re: Construction cancelled or postponed........
Yep
Prices have not reduced, because it says so in the gulf news. They have however re adjusted downwards!! :D by about 50% Rents are also re adjusting Must be due to the 2000 expats a day who have lost their jobs and going home. |
Re: Construction cancelled or postponed........
Originally Posted by The Dean
(Post 7364089)
Dubai property boom hits the wall
More than half of the residential and commercial property projects in Dubai due for completion by 2012 have been put on hold or cancelled, a study says. Property company Jones Lang LaSalle says a lack of funding, job cuts and a fall in population are the cause of the delays and cancellations. Dubai's property market has seen a sharp downturn recently after years of rapid development and booming prices. The report shows vacant office space has doubled in the past six months. Hotel occupancy rates have also fallen to a five-year low. Jones Lang LaSalle expects the residential property market to suffer further in the next three months. Honestly, what's the point? Do something useful for a change. It's these kind of people offering property services that have probably added to all this. |
Re: Construction cancelled or postponed........
Originally Posted by CeeBee
(Post 7364654)
These reports make me laugh. Someone has been paid a load of money to come up with something that everyone already knows....and then puts stupid comments on like 'expects the residential property market to suffer further in the next three months'......noooooo....really?
Honestly, what's the point? Do something useful for a change. It's these kind of people offering property services that have probably added to all this. |
Re: Construction cancelled or postponed........
Originally Posted by CeeBee
(Post 7364654)
These reports make me laugh. Someone has been paid a load of money to come up with something that everyone already knows....and then puts stupid comments on like 'expects the residential property market to suffer further in the next three months'......
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Re: Construction cancelled or postponed........
Originally Posted by lionheart
(Post 7366103)
Please explain what is "stupid" about stating the facts. It would be much more stupid if, like so many property developers interviewed by the media, it stated instead that property values will rise again next month as the global recession looks to bottom out. Better to be more realistic surely or do you have an agenda for hiding the truth?
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Re: Construction cancelled or postponed........
Originally Posted by CeeBee
(Post 7367963)
If they said prices would go up that wouldn't be stupid....it'd just be an outright lie. It's just a pointless statement and an absolute stab in the dark. Nobody can predict what's going to happen. The only certainty at the moment is that things will continue going down.
your statement isn't really correct, but I do agree with you, I'm just in my usual nit picking mood.. |
Re: Construction cancelled or postponed........
Originally Posted by CeeBee
(Post 7367963)
Nobody can predict what's going to happen. The only certainty at the moment is that things will continue going down.
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