Property boom stumbles in oversupply reality

The global financial meltdown from 2008 caused a freeze to a large number of high-profile construction projects in Dubai and across the world. During the past few weeks, however, many of their names have been brought back to life. Some of the most exciting construction projects announced during the property boom are the four times bigger reproduction of Taj Mahal, the four and half-years delayed Palazzo Versace, a skyscraper holding nine swimming pools and the several mile-long Arabin canal coiled around office buildings.

The current condition of Dubai’s vast real estate market could not be helped by the interest expressed in these massive projects. The emirate suffered a descent of between 60 to 80 percent of real estate value during the past four years since the collapse of the property boom. The recovery is very slow and requieres diversified efforts.

Read more…

Share "Property boom stumbles in oversupply reality" via:

No comments yet.

Leave a reply