DUBAI, UAE – The government in the United Arab Emirates has spoken out against the rapid pace of real estate development in the country which has caused a slow, drawn-out property market crash.
Dubai and Abu Dhabi, the two largest emirates by far have been the hardest hit, with residential housing prices and rents falling to pre-GFC levels.
Commercial property too is way over-supplied leading to higher vacancy rates, lower rentals, and incentives to attract tenants.Developers, in response to slowing demand for off-the-plan residential and hotel real estate developments have been offering guaranteed income returns, waiving of transfer fees, and years […]
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