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Dubai developers strangle supply to stem price drop
Add BT as a preferred sourcePublished Tue, Dec 15, 2015 · 09:50 PM
Dubai
DEVELOPERS in Dubai halted delivery of about a quarter of the properties set for completion this year, bolstering apartment rents but failing to stop a 16 per cent price decline, according to CBRE Group.
About 6,000 nearly-completed homes sit empty in newer developments such as Dubailand, Jumeirah Village Circle and Dubai Sports City as some developers withhold keys from buyers, according to CBRE, which visits developments to assess the extent of construction on various projects.
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