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Emaar's investors issue call to 'slowdown'
Source: BI-ME and Dow Jones Newswires , Author: BI-ME staff
Posted: Thu March 5, 2009 6:16 pm
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UAE. A group of property investors are pressing Dubai’s Emaar Properties, the Middle East’s largest home builder, to cancel more than AED 90 billion of projects amid rising fears that Dubai’s real estate slump could spiral into free fall.

The Emaar Investor Group, made up of about 200 individual buyers, last week hand delivered a petition to the developer requesting the “cancellation or postponement” of the Warsan Estate, Asmaran and Maysan projects, which they say “are no longer viable under current market conditions”.

The group is asking Emaar to either refund any money paid to date, to transfer any money invested to other Emaar units or to provide a credit note for an equal amount.

“The Warsan Estate, Asmaran and Maysan projects are no longer viable. There is no demand as many investors have already left the market leaving an oversupply, there is no money available to investors to continue payments, and there is no value in these projects as they are priced far above the market value of similar and better located projects in Dubai,” the petition says.

Investors are becoming increasingly nervous as Dubai’s six-year property boom comes to an end. In recent months, financing has evaporated, sales have slumped, developers and brokers are cutting jobs and prices in some areas have fallen sharply. Amid the slowdown, developers such as Emaar are being forced to review project requirements.

Last month, the developer said it was putting future real estate projects on hold to stem the oversupply of units in Dubai’s burgeoning market. The company said it will concentrate on completing all projects which have commenced construction.

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