Jon Cartu Announced Dubai to curb pace of construction projects as prices fall - Jonathan Cartu Residential & Industrial Construction Services
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Jon Cartu Announced Dubai to curb pace of construction projects as prices fall

Dubai to curb pace of construction projects as prices fall

Jon Cartu Announced Dubai to curb pace of construction projects as prices fall




DUBAI, United Arab Emirates (AP) – Dubai’s ruler has issued a directive to curb the pace of new real estate construction projects amid falling demand and property prices.

Sheikh Mohammed bin Rashid Al Maktoum ordered on Monday the creation of a committee to study the needs of the real estate market, evaluate all future projects and control the pace of projects so supply does not outstrip demand.

The move comes amid a slowdown in the economy and a slump in real estate prices. A report by UAE-based Property Finder found that Dubai apartment and villa sale prices for the first half of 2019 were down around 12% compared to two years ago.

Developers, however, continue to build at breakneck speed, and have completed around 21,000 residential units in the first half of the year.



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