Dubai developers feel growing sense of restraint
Home prices may drop by 10 per cent in 2017 after a decline of about 7 per cent this year
Add BT as a preferred sourceDubai
ON the surface, Dubai is ploughing ahead with the kind of ambitious, eye-catching projects that turned the sheikhdom into the Persian Gulf's business hub and playground. At the tip of its palm-shaped island, a swimming pool suspended between two towers will hover 170 m above the ground. Closer to the city centre, "water homes" on stilts will line an artificial canal dotted with floating restaurants and gondolas.
But the din of cranes and earth-moving equipment hides a growing sense of restraint among the city's developers as persistently low oil prices undercut spending power across the region.
TRENDING NOW
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
Asean+3 has made strong progress on cross-border payment connectivity, but more work lies ahead
Indonesia targets year-end start for US$30 billion clean power exports to Singapore
Seatrium surge leads Singapore stocks slightly higher on Tuesday; STI up 0.1%
