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Overseas Property News
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£400m of UAE schemes put on hold
Country: Dubai, United Arab Emirates
9 February 2009
Just over half – 52% - of all constriction developments in Dubai totalling £401bn, have been suspended, according to a fresh report conducted by Dubai-based research firm ProLeads Global.
The findings reveal that the Dubai property market has been worst hit in the economic downturn, and that there could be yet more industry despair to come.
ProLeads Global said: “The UAE has yet to feel the full effects of the global economic crisis. Since December 2008 Proleads has recorded a sharp increase in the rate at which projects have been placed on hold across all sectors of the industry.”
Despite the economic woes facing the emirate, the report shows that there is still around £468m worth of construction workstill ongoing.
The research covered goes up to mid-January 2009, and Proleads claims its data analysis has 90% accuracy.
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