As Dubai continues to struggle with its real estate woes, the latest sign that things are not yet quite set to improve comes with the report that Dubai’s real estate watchdog organization has canceled around 217 registered property projects since 2009. The group, called the Real Estate Regulatory Authority (RERA), reviewed about 450 projects in the emirate and may have canceled as many as 217, although it admitted that 237 would likely be completed “in due course.” Last year, the value of property transactions fells to 119.5 billion dirhams ($32.5 billion) from 152.9 billion dirhams in 2009, and residential prices in the region are still falling with declines of 1.2 percent in May. Home prices are down 64 percent from their mid-2008 peak.
Analysts credit Dubai’s troubles with massive over-construction during a “speculation-filled [real estate] boom” that ultimately ended when construction far outstripped demand.
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