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Dubai property regulator cancelled 217 projects as transactions dry up

Posted on 13 June 2011

Dubai, the Persian Gulf business hub where real estate values have fallen for three years, has cancelled 217 property projects in a two-year review of the industry.

Out of more than 450 projects reviewed by the Real Estate Regulatory Agency, 237 will be completed, according to a Dubai government bond prospectus that didn’t name the cancelled developments. The value of property transactions fell to 119.5 billion dirhams ($32.5 billion) in 2010 from 152.9 billion dirhams a year earlier, the document said………………………………………Full Article: Source


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