Dubai cancels 217 property projects in two years

20 Jun 2011

(MENAFN) The Dubai government’s bond prospectus said that after finishing a review of the property industry in Dubai in the past two years, the emirate scrapped 217 property projects as of the end of May, reported Arabian Business.

The prospectus showed that due to the drop in property prices in Dubai, the Real Estate Regulatory Authority reviewed more than 450 projects where 237 of them would be expected to complete in due course.

It also said that last month, home values slipped 1.2 percent from April and rents dropped by 1 percent, whereas apartment prices fell 1.3 percent and villas down 1 percent.

It is worth noting that at the end of 2010, the total value of property sale transactions declined to USD32.5 billion from USD41 billion in 2009.

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