Many Dubai construction sites have been shut down.
Dubai is a hub for the Emirates offering the benefit of no tax or duty, and the standard of living is high and the quality of life is attracting more and more outsiders. But the economic crisis that has affected the world and one which affected the property and financial conglomerate Dubai World, in particular, have left some scars that the officials would prefer to try to forget.
In the Dubai Property market, many of the sites that were started to meet the demand in the boom times seem to have halted work and many cranes are stationary. And what is the reason given by builders for this halt of work? "In summer we are giving workers a break due to heat", argue the builders. True. This may be true but outside of these hours, virtually all construction sites are also closed ... Another revealing observation can be made: In many areas the towers that were successfully completed are almost empty. According to professional assessment of the current property market in Dubai; the supply far exceeds demand and the global crisis has hit Dubai hard. However, short term rental has shown real success, which may be some consolation for the Dubai property industry