A Dubai-based real estate developer has put all its unsold homes projects on standby due to the global slowdown, but still expects to deliver fourth quarter record profits.
According to Reuters, Deyaar’s chief executive Markus Giebel said the firm had put “many projects” on the back burner saying it was wrong to deliver homes which have not been promised to customers.
According to the agency, he also said that the current financial storm would continue to cause problems for real estate for at least another six months.
In December the company handed over 210 luxury homes units at Al Seef II, a development based in Jumeirah Lakes Towers, Dubai.
During the process, Mr Giebel said:
“Despite challenging economic conditions globally, Deyaar remains focused on contributing to the sustained growth and continued stability of the real estate sector in Dubai and the wider region.”
The company is expected to announce new homes projects, including a planned community in Jeddah, Saudi Arabia, where the real estate sector remains largely buoyant.
Deyaar is also behind Dubai Marina, one of the region’s most desired real estate hot spots, and is also building a mixture of homes and commercial projects at Downtown Jebel Ali, Dubai.
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