This year’s CityScape in Dubai is forcing the industry to face a few harsh realities. Duding the run up to the exhibition, all the major Dubai property developers pulled out, including Nakheel, Emaar and Limitless, although Emaar and Nakheel were touted as “Foundation Sponsors,” and the 2009 exhibitor list on CityScape’s website is still empty. The amount of exhibitors is well down and the usual, “XXX Billion Dirham development!” announcements have been somewhat lacking. I don’t think anyone could have swallowed that this year.
The Master Developers in Dubai have removed the clause that guarantees a residence visa for property buyers from contracts they enter into with sub-developers
“There was a clause in our previous contracts that assured us that master developers will guarantee residence visa. The clause has now been removed,” a developer. Emaar Properties, the master developer of Burj Dubai and Dubai Marina, has sent a notice to sub-developers to hold processing of residency visas until further notice.
