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21

Dubai Developers Plan New Projects Undeterred by Falling Prices

By Tony Seruga

Damac plans six towers, DPG plans large community at Dubailand
Dubai home prices, rents expected to drop further in 2016

If you thought declining home prices and rents would damp Dubai developers’ appetite for new projects, think again.

DAMAC Properties Dubai Co PJSC is planning six new towers on Dubai’s main highway, while state-owned developer Dubai Properties Group said on Sunday that it’s seeking to construct more affordable homes.

Home values have been hit by the falling price of oil, tighter regulation and a strengthening currency. HSBC expects Dubai home values to fall as much as 10 percent in 2016 and cut its price estimate for Emaar Properties PJSC and Damac shares by 26 percent and 8 percent this month. Arabtec Holding Co, Dubai’s biggest construction company, reported its first yearly loss on Sunday…

Dubai Developers Plan New Projects Undeterred by Falling Prices

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