The recent real estate crash in Dubai real estate market has left investors of all kinds of problems, such as accidents property market tend to do! However, when Dubai has excelled in this regard is the total absence of information regarding the current situation of many developments under construction. The emirate currently has billions of dollars of assets under construction, much of what seems now been put on hold, and in some cases, completely canceled! With the credit crunch begins to bite, and demand for goods in free fall, many developers simply do not have the financial resources necessary for the completion of developments, and even if they did, there now many not be the demand to make it worth while! Some land developments have been canceled, even if it has already begun construction, as big a problem with the current world and local markets. There is a lack of information and clarity on the current situation is really not helping investors. People have invested large amounts of cash into property in Dubai, yet many have no idea what the current status of their property now. With all the problems of noise, nobody really has a clear idea of what is happening, which of course is very frustrating! Last month, a list that has emerged in the list of all the developments in Dubai that have been canceled or no longer move forward. The list, which featured some big name real estate projects, has sent shock waves through the real estate sector in Dubai. The list, if correct showed greater amount of property was currently on hold or not moving forward, that what had been previously estimated. In an attempt to shed light on the current situation, the Dubai Real Estate Regulatory Agency (RERA) has launched an online program to enable investors to more easily find what is happening with their development. This self-report, which should be totally independent, will also help investors to unwind. The data used to evaluate the progress of construction will be collected by government engineers, and we hope to bring clarity to what at present is causing a huge deal of concern to investors in Dubai properties.
Tags: Development, Online, Progress, Property
