Halkalı Halı Yıkama Beylikdüzü Halı Yıkama Bahçeşehir Halı Yıkama seocu
Property and Environment

Dubai Forms Committee To Combat Property Glut After Prices Plunge

Dubai will set up a committee to balance property supply and demand as a slump in prices weighs on developers in the Middle East’s business hub.The emirate’s ruler Sheikh Mohammed Bin Rashid Al Maktoum said in a tweet he wanted the committee to ensure that “semi-government real estate companies in Dubai won’t compete with private-sector investors.”

Members of the committee will include companies such as Emaar Properties PJSC, Nakheel PJSC, Dubai Properties Group and Meraas Holding LLC, according to a statement posted on the government’s Media Office website.

Property prices in the U.A.E., the second-biggest Arab economy, have dropped about 27% since October 2014 amid excess supply and sluggish economic growth. S&P Global Ratings expects prices in Dubai to fall by another 5% to 10% this year.

The committee is “a step in the right direction,” said Khatija Haque, the head of Middle East and North Africa research at Emirates NBD in Dubai. “There’s a lot of concern that it may be too little too late, because we already have a number of projects underway which are going to be delivering 15,000 to 20,000 units per year for the next two years.”

The Dubai Financial Market Real Estate Index lost 2% on Tuesday, trimming this year’s gain to 6.4%. The measure tumbled 39% in 2018.


Previous ArticleNext Article

Leave a Reply

Your email address will not be published. Required fields are marked *

mersin escort bayan mersin escort bayan mersin escort bayan mersin escort bayan erotik film izle erotik film malatya escort bayan malatya escort bayan malatya escort bayan malatya escort bayan
Share via
Copy link
Kıbrıs gece kulüpleri