Construction cancelled or postponed........
Mar 10th 2009, 4:27 pm
#1
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Joined: Jul 2007
Posts: 13,553
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.
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.
Mar 10th 2009, 6:34 pm
#3
Forum Regular
Joined: Mar 2009
Posts: 42
Re: Construction cancelled or postponed........
Yep
Prices have not reduced, because it says so in the gulf news. They have however re adjusted downwards!!
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.
Prices have not reduced, because it says so in the gulf news. They have however re adjusted downwards!!
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.
Mar 10th 2009, 7:06 pm
#4
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Joined: Feb 2008
Location: Dubai
Posts: 656
Re: 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.
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.
Mar 10th 2009, 8:46 pm
#5
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Joined: Aug 2007
Posts: 3,287
Re: Construction cancelled or postponed........
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.
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.
Mar 11th 2009, 4:43 am
#6
Account Closed
Joined: Jul 2007
Posts: 7,028
Re: Construction cancelled or postponed........
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?
Mar 11th 2009, 2:43 pm
#7
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Joined: Feb 2008
Location: Dubai
Posts: 656
Re: Construction cancelled or postponed........
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?
Mar 11th 2009, 2:51 pm
#8
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Joined: Aug 2007
Posts: 3,287
Re: Construction cancelled or postponed........
your statement isn't really correct, but I do agree with you, I'm just in my usual nit picking mood..
