RIYADH: The latest review of the Dubai property market that was released yesterday indicated that more than 50 percent of the announced residential and commercial projects due for completion between 2009 and 2012 have now been either put on hold or canceled, while the hospitality market indicates the lowest occupancy rate in five years with an average of 79 percent.
“The current situation reflects the lack of available funding and projections of declining population along with continuing job cuts. This has been brought about by declining visitor arrivals and the release of new rooms into the market over the past six months,” Jones Lang LaSalle, the leading real estate advisory firm, said yesterday.
The review also pointed out that vacancies in the Dubai’s office market have doubled to around 16 percent over the past six months, the highest rate ever recorded.