Dubai’s developers looking elsewhere for funds:
Off-plan sales and launches not going well? Don’t worry, developers in Dubai are actively working on their Plan B.
First, use whatever funds are available to them to get their current projects up to and past the 50 per cent construction mark. The new sentiment among most developers is that just touching the 20 per cent level will not cut much ice with potential buyers.
The Dubai Land Department (DLD) requirement is that developers need to have fully paid up the land and reached 20 per cent, to formally launch sales. But these days “the whole requirement of buyers have changed — they want to buy when the project is visible,” said Ali Tumbi, CEO of Aqua Properties, which started as a brokerage firm and now has a development portfolio as well.
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