Dubai’s Largest Developer Halts New Projects as Glut Hits Values
- Emaar temporarily stops all new construction, chairman says
- Home prices in finance hub of Dubai have slumped since 2014
Emaar Properties PJSC logo on a building near the Burj Khalifa skyscraper in Dubai.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
Dubai’s largest developer is temporarily halting new projects amid a property glut that, combined with the coronavirus pandemic, has shaved nearly a third off house prices in the past six years.
“We don’t build anymore,” Emaar Properties PJSC Chairman Mohamed Alabbar said at a conference in Dubai on Monday. “The government entities decided to stop new developments almost a year back, but Covid definitely put the brakes on.”