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FINANCIAL NEWS
220 property projects running in Dubai
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.
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