Dubai reconsidering plans

Dubai-based Meraas Development, which has unveiled a £63.8 billion property project since being formed just two months ago, says it is now reconsidering its plans in light of the economic slump...

The company says it has "seen that investor demands have changed" and that it must "quickly respond to meet these market needs."

Dubai's property market has nosedived spectacularly in recent months, following six years of strong year-on-year growth.

Developers across the emirate are altering, reducing and in some cases scrapping residential construction plans, in light of falling Dubai property prices.

Some property agents in Dubai are reporting that home prices across some parts of the emirate have fallen by up to 50 per cent in recent months.

Meraas Development says it is reassessing its business strategy and the rollout of its flagship Jumeira Gardens project slated for a central part of Dubai. T

The company, which was launched in late September, announced the building project at a property expo in October.

Meraas says it expects to have more details on the project by the beginning of 2009.

Source: www.homesoverseas.co.uk