Dubai – Mubasher: The Chairman of Emaar Properties, Mohamed Alabbar, has announced the suspension of new projects, as the property glut, coupled with the coronavirus (COVID-19) consequences, has cut about a third of the house prices in the past six years, Bloomberg reported.
Nearly a year ago, the government entities decided to stop building new projects to manage supply and demand, Alabbar referred during a conference held in Dubai on Monday.
"The government entities decided to stop new developments almost a year back, but Covid definitely put the brakes on," the company's Chairman added.
Since 2014, home prices in Dubai have plunged by over 30%; hence, the UAE government has formed a committee to handle supply and demand.
It is noteworthy to mention that in the first nine months of 2020, the company's net profits slumped by 48% to AED 2.44 billion, compared to AED 4.65 billion in the same period of 2019.
