Postcards from a property slump
DUBAI // As an amateur photographer and property investor, Imre Solt found himself visiting construction sites throughout Dubai to document the progress of the rising skyline of Dubai on a daily basis. Now he is lucky to find a significant change at a project once a month.
“Sometimes I don’t take any photos at all because there is no progress,” says the Hungarian-born Mr Solt, who has captured the city’s growth in what he estimates are 100,000 pictures taken from the tops of tall buildings, helicopters and even a biplane. “There are a few buildings that have made very good progress, but I think more projects are on hold than before. Sometimes, there are just a few workers there.”
The numbers bear him out. More than a fifth of construction projects in Dubai have been put on hold or cancelled in the past year, with the remainder severely delayed, said Proleads, a construction information provider. Proleads also estimates that the number of construction workers in Dubai has declined 45 per cent from the peak of the property boom in 2008 to last month, a further sign of the city’s post-boom state.
Developers in Dubai are considering letting out units in their new projects on a furnished basis to generate immediate revenue, said real estate analysts. and more »
Times OnlineAlthough no date for completion is being given by the developers Tatweer, part of Dubai Properties Group, designs for the villas are being completed before Tiger Woods Dubai complex 'on track' says developerall 1,467 news articles »
Mangalore: Foundation Stone Laid for Property's Residential Apartments, CataloniaMangalore, Feb 7: The foundation laying ceremony for Catalonia - residential apartments, new project by Property Real Estate and Developers promoted by
