17 Mar 2011
(MENAFN) Dubai Real Estate Regulatory Authority (RERA) chief executive, Marwan bin Ghalaita, stated that the Authority evaluated projects going on in the emirate and reported 220 progressing ones, reported Arab News.
Bin Ghalaita also said that 115 projects were canceled while still in blue prints in 2010. However, the CEO did not reveal the total number of cancelled projects. He also pointed out that the only projects that would go on are those that investors expressed interest in.
In relation to that, Dubai Land Department director general, Sultan Butti bin Mejrin, stated that USD33.40 billion worth property transactions took place last year.
It is worth noting that the property sector in Dubai took a big hit in the economic downturn, causing property prices to go down to less than half, many projects to be put on hold or even cancelled.
12 Nov 2024
BBK partners with Durrat Al Bahrain to offer exclusive financing for Jawhart Al Marjan
05 Nov 2024
As part of its digital transformation journey, BBK adds Google Wallet to its range of digital wallets
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more