Monday, 13 June 2011
So Dubai seems to be settling into its role!
Quoting Real Estate Regulatory Agency (Rera), the regulatory arm of Dubai Land Department, the prospectus said that 217 property projects have been cancelled as of May 31.
Currently, there were 455 registered developers and 893 registered brokers in Dubai as of May 31. Under the Tayseer (government-guaranteed funding project), 114 projects have been registered.
The prospectus further states that “following the significant price declines since the fourth quarter of 2008 (in part reflecting the withdrawal of speculative buyers from the market), prices have since stabilised in completed developments.”
According to Dubai Statistics Centre, 1148 buildings worth Dh5.7 billion were completed in the first quarter.
So if you want a mortgage for a property in Dubai it is very available today.
The real estate and business services sector accounted for Dh40.3 billion, or 13.7 per cent, of GDP in 2010. The sector registered declines of 19.8 per cent and 2.6 per cent in 2009 and 2010, respectively, having grown by 30.9 per cent and 1.1 per cent in 2007 and 2008, respectively. Meanwhile, the construction sector accounted for Dh27.5 billion and 9.4 per cent of GDP in 2010. The sector fell 19.5 per cent and 14.7 per cent in 2009 and 2010, respectively.