Arab Today, arab today ajman to list scrapped real estate projects
Last Updated : GMT 17:20:01
Arab Today, arab today
Arab Today, arab today

Ajman to list scrapped real estate projects

Arab Today, arab today

Arab Today, arab today Ajman to list scrapped real estate projects

Dubai - Arabstoday

Ajman’s property watchdog has pledged to reveal a list of the emirate’s scrapped real estate projects by early-2012, a move industry analysts say should prompt Dubai to follow suit. ARRA executive director Yafea Eid Al Faraj said Sunday that the regulator planned to publicly list the names of its cancelled offplan projects and release a progress report on ongoing sites. “We are doing this to give the market more transparency,” Al Faraj told Arabian Business. “So far we’ve put [together] the names” but the list is pending board approval. “We are waiting [until the end of] this year to see if developers will come back and continue projects. That’s why we for waiting until next year.” Scores of investors in Ajman’s real estate industry were hit when the emirate’s offplan market collapsed in late-2008, sending prices tumbling. In the $15bn Emirates City development alone, more than a dozen projects are on hold, affecting hundreds of buyers. Analysts said the list would allow buyers to either pursue court action against the developers or attempt to secure a refund against their initial investment. “It will increase the level of transparency and market information and will assist developers and investors in making more informed decisions about the Ajman market,” said Craig Plumb, head of research at property consultancy Jones Lang LaSalle. “At the end of the day, the amount of new supply coming on to the market has its own implications. If half the projects are cancelled for example, for supply and demand this has pretty big implications,” said Mathew Green, head of UAE research and consultancy at property analysts CB Richard Ellis. “It’s also important to understand which developers seem to be most at risk. It all helps to build up a picture of what is happening in the market now and where it’s likely to go. “Given what we have seen in Dubai, it would be reasonable to assume that Ajman will have a relatively high number of cancelled projects as well.” But Plumb warned the move would also put added pressure on Dubai’s property watchdog RERA to publish a full list of the city’s cancelled construction projects. “ARRA has been modelled on the Dubai regulator, RERA, who has also announced the official cancellation of up to 200 projects in Dubai.  To date, the list of these projects has not yet been released and this makes it more difficult to accurately predict future supply levels,” he said. Dubai, the Middle East’s worst performing property market, saw billions of dollars worth of projects suspended or scrapped after the downturn wiped 60 percent off the city’s house prices.Speculators caught with multiple properties and little chance to turn a profit fled the market and defaulted on purchases, sparking an emirate-wide property collapse. Some $170bn worth of construction projects were cancelled and delayed in the UAE by August 2011, Citigroup said earlier this month.RERA said in May that up to 500 real estate developments in Dubai would face the axe if deemed financially unfeasible under new rules. The emirate has also pledged to keep a tighter rein on offplan projects in a bid to avoid the speculator-driven bubble created after 2006.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ajman to list scrapped real estate projects Arab Today, arab today ajman to list scrapped real estate projects

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Air raid kills eight women, child

GMT 06:42 2017 Friday ,17 February

Air raid kills eight women, child
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 15:16 2017 Sunday ,19 February

Apple to start India operations with iPhone SE

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday