DUBAI - Emaar Properties, the Dubai company behind the world’s tallest tower, may cancel 13 high-rise buildings it planned to have in its Downtown Burj Dubai development after the economic downturn drained demand for homes, UAE daily the National reported on Monday.
Investors who had made down payments to buy into the planned towers have agreed to use their funds to buy Emaar’s properties, the newspaper reported citing brokers.
“The Emaar consolidation now is almost over… All the big amounts are gone now (on these 13 towers),” said Hakan Goksel Samur, chief executive of Dubai Emlak Consultancy that had brokered several deals.
The global recession has sent Dubai’s once-booming property sector crashing, forcing developers to scrap or delay projects due to a lack of funds. Buyers have also become scarce.
Some large developers have been able to provide alternative properties to buyers of projects that have been cancelled or delayed.
But not all buyers are happy with such options, saying the alternatives are either expensive or do not match their requirements.
Source: Maktoob Business
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