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Tuesday, 26 July 2016

Gulf property markets face ‘perfect storm’ due to overbuilding, report says | The National

Gulf property markets face ‘perfect storm’ due to overbuilding, report says | The National:

"Property markets across the Arabian Gulf are facing a "perfect storm" as a result of overbuilding by its developers, and continued softening demand as market sentiment shifts on the back of lower oil prices, according to AT Kearney.

The management consultancy firm has published a new report which states that the value of projects currently in the construction phase is four times higher than the value of all developments completed within the past decade. And the value of projects at an earlier stage of development equates to about 10 years’ worth of work.


"Each year between 2016 and 2020, this pipeline would deliver anywhere between seven and 12 times the real estate value delivered yearly between 2007 and 2009," the report said."



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