Dubai Property Takes Dive

Different with Dubai Property News yesterday. These empty commercial offices of time last year in Dubai were a shortage.

The rate of offer of employment was in fact hardly 1%. How the market changed.

A raft of innovation saw a big number of commercial towers of office accomplished these last months. The Jumeriah lakes, the technology of Dubai, the free zone of Electronics-Trade and media (TECOM), Dubai Bureau, zones of compartment of businesses and money market, Deira, and other sectors are now at the house to shine new, but with the definitely empty turns. The rate of offer of employment now pushed the past 16% according to the international real estate agent Jones Lang LaSalle.

Incited by success in the residential development, much of realizers of Dubai turned their hand to the commercial property. Damac, a well-known local realizer, envisaged a certain number of commercial revolutions directed by its executive sizes, a significant development of office in Tecom. Executive sizes is now accomplished but the only occupant in the building, taking a floor, seems to be the department of relations of customer of Damac.

Cayan, which developed four important residential projects in the marina of Dubai, with two more in construction, turned its hand to the commercial property with the AED 120 million business district of Cayan, also at Tecom. In spite to say it achieved last year the project in September when it invited investors to complete payments, the building is always of completion. The entry has to be adapted still outside and all the essential services must always be connected. Last week there were the provisional generators and the installations of air-conditioning located at the back of the building. The building is without littoral with the surrounding roads closed to make the manner for the substantial development of infrastructure which takes place only now. The building is practically abandoned without simple occupant, or adapt-outside being undertaken in the individually had offices the ones of layers. The completions of the offices also caused the polemic. Cayan indicates it built the building on a shell and the core bases, however this came as new with some investors who were horrified with the state at their offices when Cayan announced that they had been achieved, indicating it was rather the shock and fear. The booklet of the development of Cayan is worth the AED 8 billion with its residential developments - being strongly acclaimed. Its incursion into the commercial property however is likely to deaden its reputation.

Elsewhere a British investor wrote to complain BRITISH about the Foreign Office of a realizer continuing to gather payments on a high-rise office building, the construction from which has to still begin. The letter by national Nick British Jasani is one of a number written by opposed British distributed to the members of Parliament. Foreign Office British became implied by probing a series of complaints related to the property developers of Dubai, mainly because the British investors plowed, according to Dubai unloads the department, AED 4.7 billion in the market real estate Dubai. In the case of Jasani, it bought a commercial office of a realizer in Dubai 'the zone of compartment of businesses of S for the AED 2 million at the beginning of 2007. He says that he already paid 30% of price (AED 640.000) and the realizer based in Dubai complains insists on more payments in spite of the construction of the property having to however start.

Many lotisseurs gave of the plans to later of payment, consolidated the number of units held by the owners with multiple units, and of the prices in certain reduced cases radically due to the crumbling costs of construction. This alleviated a certain number of investors, however others went on the warpath. According to a report/ratio with Wall Street Journal, a certain number of British investors recently introduced British the Prime Minister Gordon Brown with a petition requiring of him to intervene in what they describe like harmful real practices in the United Arab Emirates.

While the radioactive fallout continues the new buildings are days laborer carried out. The high-rise office buildings which remain primarily empty for the future, the hotels which will fight and make pressure on the market already with-top-provided of hotel, and apartments and the villas residential which see prices and rents in fall.





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