14 June, 2011

Dubai - done wiith Real Estate, What's next ?

Coming straight to the point, Dubai has cancelled 217 property projects in the past two years as of May 31, the Real Estate Regulatory Authority has said after completing a review of the industry. RERA reviewed more than 450 projects and expects 237 of them to be completed "in due course", according to information contained in the Dubai government's bond prospectus. The total value of property sale transactions plunged to USD 32.5 billion (119.5 billion dirhams) at the end of last year from USD 41.6 billion (152.9 billion dirhams) a year earlier, it said.

Now that’s a news i am talking about, coz when you hear about the likes of Bhurj khalifa and many buildings which make you go whoolala, here is an eye opener which clearly resonates the disinterest the country now has for this sector, what is the next sector Dubai .. I am waiting...