Dubai property boom hits the wall

Published 09th Mar 2009

More than half of the residential and commercial property projects in Dubai due for completion by 2012 have been put on hold or cancelled, a study says.

Property company Jones Lang LaSalle says a lack of funding, job cuts and a fall in population are the cause of the delays and cancellations.

Dubai's property market has seen a sharp downturn recently after years of rapid development and booming prices.

The report shows vacant office space has doubled in the past six months.

Hotel occupancy rates have also fallen to a five-year low.

Jones Lang LaSalle expects the residential property market to suffer further in the next three months.

Source: ' BBC '

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