Dubai's Emaar stops construction of new buildings
New Delhi: Emaar Properties, one of the largest realty players in Dubai, has stopped construction of new buildings as there has been an oversupply in the property market of the Emirate.
The property market in Dubai has come under pressure even more this year because of the corona pandemic. It has been under pressure already some years now.
"We as a group have stopped supply," Chairman Mohamed Alabbar told a United Arab Emirates-Israel conference in Dubai, according to a news report by Reuters.