Dubai Developers `Strangle' Supply to Stem Price Drop, CBRE Says - Bloomberg Business

Dubai Developers `Strangle' Supply to Stem Price Drop, CBRE Says - Bloomberg Business:

"Dubai developers halted delivery of about a quarter of the properties set for completion this year, bolstering apartment rents but failing to stop a 16 percent price decline, according to CBRE Group Inc.
About 6,000 nearly-completed homes sit empty in newer developments such as Dubailand, Jumeirah Village Circle and Dubai Sports City as some developers withhold keys from buyers, according to CBRE, which visits developments to assess the extent of construction on various projects.
Single-family home rents declined 4 percent compared with a 14 percent drop in values, Matthew Green, head of U.A.E. research at CBRE, said at a conference Monday. Apartment rents were unchanged."



'via Blog this'