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| Property developers in Dubai are expected to benefit from payment extensions |
Master developers are offering property developers in Dubai payment extensions in a bid to end the confusion and panic prevailing in the market.
"We had requested (our master developer) to defer our payment on the land that we have purchased from them. And we have been granted a three-month extension," says a developer. This was for a plot of land on a waterfront development for which the developer had remitted 50 per cent of the total value at the time of purchase.
Meanwhile the infrastructure projects in Dubai such as the Roads and Transport Authority plans and the new Al Maktoum International Airport in Jebel Ali, would proceed as stipulated in the Dubai Strategic Plan for 2015. "We were expecting a growth rate of 11 per cent annually until 2015, but with the current situation, this will not be achieved. However, Dubai will continue to witness growth in its economy, but at lower rates," says Nasser Al Shaikh, Director General of Dubai Department of Finance.
A positive outcome of the global crisis is that governments and financial institutions are becoming increasingly transparent with regard to their operations and transactions. The results are beginning to be evident, as Dubai initiates new laws to regulate its banking and real estate sectors.
