photo credit: openDemocracy
Dubai investment property developers must delay requests for payments from buyers in order to stabilise the region’s real estate market, a consultancy firm has claimed.
RichVille released a fourth quarter report on the emirate’s property market and included a suggested rescue plan to prevent a potential collapse.
Some developers also criticised the government of Dubai for not doing enough to help out the sector.
Officials must work with builders to work out how to stimulate demand, the RichVille report claims.
Tariq Ramadan, chairman of Tharaa Holding, of which RichVille is a member, said;
“It is very interesting to see that while the authorities around the world are taking all possible measures to revive their real estate markets, authorities in Dubai seem to be doing nothing to support the real estate sector.”
He added the Dubai market has already had to withstand a slow summer and Ramadan month, plus the global financial slowdown.
RichVille’s report also pointed a finger at banks in Dubai, saying they have made it harder to get loans and have introduced measures including minimum down payments of 35 per cent.
Mr Ramadan added he hoped the report and rescue package would motivate “REAR and the media” to hold talks with real estate experts to produce more ideas.
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