Tuesday 4 December 2012

Ghost property projects in UAE reborn with new purpose - The National

Skeletal and empty, their once-bustling cranes hang motionless, as though in silent testimony to difficult times past.

Amid the growing signs in Dubai of a strong recovery from the global financial crisis that hit property markets hard worldwide, the view from the 124th floor of Burj Khalifa shows a number of office blocks and apartment buildings that have remained unfinished.

It is a seemingly incongruous sight, given the news from local estate agents that some house prices in the emirate are rising faster than those in prime central London areas. However, a series of announcements made last week by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, that billions of dirhams is to be invested into new property developments in the city lends weight to their arguments.

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