Revived Dubai Building Projects

Revived Dubai Building Projects

If you invested in a property in Dubai in the mid-noughties you’re not alone. Thousands of foreigners took the Emirate’s invitation to partake in its unique real estate initiatives after it allowed access to overseas owners in 2002. With the economic crash of the late noughties, many projects in Dubai fell by the wayside.

Revived Dubai Building ProjectsThe Tanmia initiative was launched in September 2011 and was aimed at getting semi-government/private investors on board to get projects completed. Under the scheme, property investors were also given the right to register their stalled projects with the department.

The Tayseer initiatives, which are guaranteed funding initiatives, were launched in June 2010 and DLD said it saw completion of 1,110 units valued at Dh137 million.

Currently, there are eight organisation listed under the scheme.

Names of companies involved have not officially been disclosed, but it is known that Emaar Properties, Wasl Properties, ICD-Brookfield were among some of the entities included under the initiatives.

The Tayseer initiative initially covered 45 projects across Business Bay, Dubai Marina and Jumeirah Lakes Towers. It then added a further 158 projects to this list. While there is not a full list of projects that are being brought back to life, there is a full list of projects that are being liquidated, auctioned or cancelled. You can find a full list of abandoned Dubai property projects on this post.

One of the most important developers for UK and Irish based investors is INS Innovation SEZ. It took over a number of projects that were very heavily marketed in the British Isles. These include Profile Residence, Eagle Heights and Bermuda Views.

To qualify under the scheme, projects must have adequate infrastructure planned or in place; escrow trust account has to be properly managed; technical reports need to show that a minimum 60 per cent of construction is complete and a minimum of 60 per cent of the project has been sold.

Revived Dubai Building Projects

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