Dubai largest listed developer Emaar Properties has halted new building work after a construction boom in recent years led to oversupply in the Gulf city, its chairman said on Monday.
Dubai’s real estate market, where supply has outstripped demand for much of the past decade, has come under additional pressure this year from the coronavirus crisis.
— Reuters
"We as a group have stopped supply," said Mohamed Alabbar, Chairman of Dubai's largest developer Emaar Properties, after denying similar claims back in April.
The suspension includes work on the new Dubai Creek Harbour mega-development and its centerpiece, the Santiago Calatrava-designed Dubai Creek Harbour Tower which aims to take over the title of world's tallest building from the currently reigning Burj Khalifa — another Emaar property.
The ambitious project broke ground in 2016.
2 Comments
the article doesn't have a quote regarding the tower
Dubai Creek sounds so cozy!
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