The
Real Estate Regulatory Agency
has been surveying every project in Dubai with an engineer who photographs the site and gives the official state of construction. Until recently, none of these projects were designated as stalled.
Now, Rera
has designated 69 projects out of 407 surveyed (so far) as "on hold"
, or about 17 per cent.
Two developers, in particular, are responsible for many of these:
Abyaar Real Estate Development
and
Al Mazaya Holding
, both from Kuwait.
Abyaar has put on hold 46 groups of villas in its
Acacia Avenues
project in Al Sofouh alone, as well as its
Pier 18
project in Dubai Marina, its
Olgana
tower in Al Sofouh, and its
Hiliana
tower in Al Sofouh. That amounts to 49 projects, according to Rera's survey
Al Mazaya
has delayed 14 of its clusters of buildings in its Q Point development in Dubailand.
Other stalled projects include
Damac Development
's
Admiral Bay
in Maritime City;
Dheeraj & East Coast
LLC's
Bay Residences
in Business Bay;
Marina Crown Real Estate
's
The Vantage
in the Dubai Waterfront; the
RUFI Heaven
in
International City
; and the
RUFI Luxury
Heights
in the
Dubai Waterfront
.
Most of these projects are from smaller developers, so it's most likely just the tip of the iceberg when it comes to delay.
