Dubai to curb pace of construction projects as prices fall:
Dubai’s ruler issued a directive on Monday that would curb the pace of new real estate construction projects as property prices fall and the sheer scale of developments threatens to outstrip demand.
Sheikh Mohammed bin Rashid Al Maktoum ordered the creation of a committee to study the needs of the real estate market, evaluate all future projects and control the pace of projects, a statement by Dubai’s Media Office said.
The move comes amid a slowdown in Dubai’s economy and a slump in real estate prices.
No comments:
Post a Comment