The number of real estate developments in Dubai facing cancellation this year has risen from 300 to 500, the emirate’s property watchdog said.
The projects and their backers are being assessed for financial viability and a list of the terminated developments will be released “very soon”, the chief executive of RERA said.
“We have finished the technical review, site visits have already been done, so we know what stage the projects are at and the strength of the contractor. Now we’re waiting for the financial audit to finish,” Marwan bin Ghalaita told Arabian Business.
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