More Dubai Property Developers Announce Projects On Schedule

With the announcement that even the mighty Nakheel properties, Dubai’s largest developer, had slowed down some of its under construction projects due to finance issues and the current world economic problems; many people who have invested in property planned for completion in the next few years have become understandably nervous as to the fate of their proposed home. And let’s not mistake, it is not just Nahkeel who have taken this course of action. Emaar and a good number of other developers have had to temporary put on hold, and in some case cancel projects due to a lack of finance and reduction in interested buyers. In this situation many buyers have been fearing the worst, so it is good news that another Dubai real estate developer has come out to confirm its project are unaffected.

Hot on the heals of Schon properties similar announcement last week, Omniyat properties has followed suit in reassuring those who have put their money into Omniyat developments that all is still good. With AED 13 Billions worth of property underway, spread out over 9 different projects, and including high profile projects such as One Business Bay, The Binary and The Opus, the news effects a large amount of luxury real estate. The company said it still plans to deliver the projects at a rate of 3 a year over 3 years, with the first set of projects to be finished in April 2009 and the rest to follow accordingly. Omniyat has quickly established itself as one of Dubai’s most popular private developers, and the announcement this week goes some way to justifying their strong reputation for innovation and reliability.

Hopefully these recent statements of intent from property developers will not be the last good news we hear in this regard. The Dubai property market is currently in unchartered territory, and many are unsure as to where things will turn next. Whilst long term the market looks to be strong, for many the immediate future is more pressing, and this is where a lot of the uncertainty is stemming from. If other developers can follow suit, it will give the freehold real estate market here in Dubai as a whole a big boost of confidence.

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