Specifically, why not start with a story about work on a supertall structure being halted?
“We don’t build anymore”: Emaar confirms suspension of new construction in Dubai
Emaar Properties, the largest listed developer in Dubai, has halted new-build projects owing to an oversupply of properties and a fall in demand caused by the coronavirus pandemic.
Bloomberg reports that Mohamed Alabbar, the company’s chairman, told a UAE-Israel business conference in Dubai on Monday: “We don’t build anymore. The government entities decided to stop new developments almost a year back, but Covid definitely put the brakes on.”
The statement follows reports earlier this year that the company had halted work on a number of major projects in the emirate.
Bloomberg notes that Emaar has resisted calls in recent years to stop construction in order to prevent a glut of supply, despite a 30% fall in house prices since 2014.
Most of the emirate’s other major developers, such as Damac Properties, Meraas Holding and Nakheel, have cut back their development plans in an attempt to maintain price levels.
Alabbar, who was speaking at the Future Digital Economy Summit, added that real estate was a cyclical business, and he was seeing a rise in demand. He said: “We have an oversupply, but Dubai is reasonably priced … good demand continues from India, Saudi Arabia, Russia and China.”
Emaar was selling about $15m of property a day before the pandemic. After a crash in sales, it has now recovered to $12m a day, according to Alabbar.