JLL: new developments in Dubai should be built in line with demand
- United Arab Emirates: Thursday, October 25 - 2012 at 03:40
Global real estate consultancy Jones Lang LaSalle (JLL) has said despite the improved performance of the Dubai property market, the nascent recovery has been limited to a few areas of the emirate, Bloomberg has reported. According to JLL estimates, around a quarter of Dubai's residential properties are empty and an additional 25,000 are due to be completed next year as developers fulfil contracts awarded before the crash. the recent launching of projects in Dubai may be "The market has improved to some extent, but there isn't enough to justify going ahead with all the projects that are now being talked about," said Craig Plumb, JLL's head of research for the Middle East. "They should be phased over a longer period and should be built in line with demand."
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