Construction delays, abandoned projects, lost revenues and variable quality. Dubai's property market is only recently emerging from the troubles of the last few years. And it is a cautionary tale for the property market in Abu Dhabi as it begins to mature.
As The National reported yesterday, property buyers in Abu Dhabi are starting to experience many of the same issues that have affected Dubai's market, with dozens filing lawsuits against developers over stalled or cancelled projects. Others complain that the costs, such as service charges, utility bills and maintenance fees, have skyrocketed since the contracts were signed.
"You would have thought Abu Dhabi would have learnt from the mistakes Dubai made," said Paul Preston, the managing director of Elysian Real Estate. "But that doesn't seem to be the case."
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