Dubai’s ruler has issued a directive to curb the pace of new construction projects amid falling demand and property prices.
Sheikh Mohammed bin Rashid Al Maktoum ordered the creation of a committee to study the needs of the property market, evaluate all future projects and control the pace of projects so supply does not outstrip demand.
The move comes amid a slowdown in the economy and a slump in property prices.
الفخامة في كل زاوية #برج_خليفة
Beauty is in the details, discover stories, art and more at #BurjKhalifa pic.twitter.com/XY9DQv4aro
— Burj Khalifa (@BurjKhalifa) August 29, 2019
A report by UAE-based Property Finder found that Dubai apartment and villa sale prices for the first half of 2019 were down around 12% compared to two years ago.
Developers, however, continue to build at breakneck speed, and have completed around 21,000 residential units in the first half of the year.
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