Dubai is finally choking off the glut of properties that’s plagued the market for years, according to one of the city’s top builders, though numbers hardly show it.
A government committee set up before the pandemic enlisted some of Dubai’s largest developers as members to try to manage supply and demand in the property market and ensure that state-owned businesses don’t crowd out private builders. Little clarity has emerged since then on how it will deliver results.
But in a rare glimpse into the panel’s inner workings, Farhad Azizi, chief executive officer of Azizi Developments, said its efforts have focused on making it more expensive for developers to launch new projects.
“That committee has brought changes in a big way,” he said in an interview. “They have made it more difficult for anybody to just become a developer.”
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