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 sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
Dubai
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.
Share with us your feedback on BT's products and services
TRENDING NOW
From 1MDB to ‘corporate mafia’: Is Malaysia facing a new governance test?
Middle East-linked energy supply shocks put Asean Power Grid back in focus
Beijing’s calculated silence on the Iran war
DPM Gan warns of 3 structural shifts to the global system that will bring greater challenges – and opportunities
