By Parag Deulgaonkar www.emirates247.com
Around 307 property projects of the 980 registered projects in Dubai are expected to get completed in the due course, according to the Government of Dubai’s bond prospectus.
Quoting Real Estate Regulatory Agency (RERA) in the prospectus supplement on the London Stock Exchange, the government said of the total number of registered projects, 46 projects have been completed, while another 307 are expected to be completed in due course.
The number of registered projects which have either been cancelled by Rera, or are in process of being cancelled, or on which work has otherwise stopped, equals 495, it adds.
As per Rera, there are more than 500 registered developers in Dubai and more than 630 registered brokers in Dubai. The principal developers in Dubai are all owned (wholly or partially) by the Dubai Government and/or the Ruling Family of Dubai.
These include Emaar Properties, which is 31.2 per cent owned by Investment Corporation of Dubai (ICD); Nakheel, which is 97.5 per cent owned by Dubai World Corporation which is in turn 100 per cent owned by the Dubai government; Dubai Properties, which is 97.5 per cent owned by the Ruler of Dubai; and Union Properties and Deyaar Development, in each of which ICD has a significant shareholding.
However, the Dubai’s Land Department has reported 1,188 sale transactions, compared to 510 sale transactions in the second half of 2009, an increase of approximately 132 per cent.
The Land Department reported a slight decrease in the number of mortgage related transactions, with 1,697 mortgage-related transactions taking place in the first half of 2010 as compared to 1,861 such transactions in the second half of 2009.