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Many Dubai developers refuse to admit project cancellations
A number of projects that are officially on hold may have already been cancelled…
October 28, 2009 9:02 by kippreport
A number of projects that are officially on hold may have already been cancelled, reported Maktoob Business on Wednesday. The Dubai-based business website claims that many developers are concealing the status of their projects for fear of having to pay back investors.
“In the 18 months before the downturn a number of projects were announced that were not financially viable and therefore unlikely to see completion,” said Tahir Akhtar, chairman of Dubai Business Advisors, and a UAE property investor.
“Developers do not want to admit this because then they will have to return the funds,” he added.
An estimated total of $408 billion worth of real estate projects in Dubai are either cancelled or on hold as of September, claims the Maktoob Business, citing the Kuwait Financial Centre.