25 Apr 2012
(MENAFN) Dubai’s Real Estate Regulatory Authority (RERA) said some 291 projects are on hold in the emirate after the collapse of its property market in 2009, Reuters reported.
Dubai’s property sector was heavily hit by the downturn, with billions of dollars worth of projects put on hold or cancelled, while property prices slumped to more than 60 percent.
According to the real estate watchdog’s report, 165 projects were completed since the slowdown while work on 29 projects have not commenced yet.
The report said that the market current status has led to the re-evaluation of a number of real estate projects and delays in many projects.
Among the high-profile projects that were delayed or scrapped after the downturn Dubai Properties’ Tiger Woods-themed residential and golf course project and developer Nakheel’s kilometre-high tower.
Nevertheless, the report unveiled a brighter outlook on the market, as the total value of real estate sale transactions grew to USD38.2 billion last year, compared to USD32.5 billion in 2010.
During the boom period in 2008, sale transactions reached AED260.7bn.
Dubai is planning a dual-tranche Islamic bond that could raise at least $1 billion and attract healthy demand as the regional tourism and business hub puts its 2009 debt debacle behind it.
04 Dec 2025
BBK celebrates Bahraini Women’s Day with the graduation of 20 female leaders from Harvard and Cornell Program
04 Dec 2025
BBK launches a new suite of HSBC Mutual Funds to expand Global and Islamic investment opportunities
30 Nov 2025
BBK successfully completes the transfer of HSBC Middle East, Bahrain Retail (Consumer) Business to BBK
30 Nov 2025
BBK launches exclusive Mortgage Financing offers in collaboration with Best Location Properties
27 Nov 2025
BBK acts as Joint Lead Manager and Bookrunner in a US$ 500 Million bond issuance for Bank of Sharjah
26 Nov 2025
BBK launches a new promotional and service platform at the Ministry of Housing and Urban Planning
20 Nov 2025
BBK partners with Lumofy to enhance employee capabilities through innovative AI-driven solutions
18 Nov 2025
BBK partners with Kanoo Motors to launch exclusive offers on Deepal Range-Extended Electric Vehicles
18 Nov 2025
BBK partners with Asia Jewellers to offer exclusive benefits for customers at Jewellery Arabia 2025
10 Nov 2025
BBK launches “Sustainability Academy” to equip employees for the future of Sustainable Banking
05 Nov 2025
BBK rewards 202 winners with a total of BD 450,000 in the September “Al Hayrat” Grand prizes draw
05 Nov 2025
BBK partners with ARRAY to launch Innovation Center, hiring Bahraini software engineers to accelerate digital transformation
04 Nov 2025
On the sidelines of Gateway Gulf 2025, BBK signs landmark MoU with Binance for first-of-its-kind Crypto-as-a-service integration in the GCC
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