Construction sites 'buzzing across Dubai' as developers get back to work

23/02/2011 - Dubai Investment News http://www.bloomberg.com/news/2011-02-22/dubai-can-t-kick-its-building-habit-as-glut-forces-prices-l
Construction sites 'buzzing across Dubai' as developers get back to work

The property sector in Dubai is continuing to move forward, with construction sites reportedly "buzzing" right across the emirate.

Following on from a couple of years of restraint, with developers and investors having put some projects on hold as they weathered the global economic storm, Bloomberg has reported that building is once again underway.

Indeed, the news provider has noted that developers are now working hard to finish projects they previously placed on-hold, while many are also opting to take advantage of low interest rates in order to get work finished as soon as possible.

Furthermore, the fact that developers could face hefty fines if they fail to complete a construction project means that thousands of new residential and commercial properties are set to come onto the market over the next couple of years.

"Developers would rather continue to build and get some of their investment back than stop and be forced to pay buyers back while their projects stand half-built," Ahmed Badr, head of Middle East real estate research at Credit Suisse Group, was quoted as explaining.

Meanwhile, the National has reported on the booming market for chic interiors for Dubai's new homes, with buyers particularly keen to snap up European products.

Posted by Bob BrunskillADNFCR-2019-ID-800423073-ADNFCR