UAE developers continued to launch new projects

A reported issued by CBRE, a global property consultancy, said property prices in Dubai are nearly two times cheaper than London, stating average prices for the top-of-the-end market in Dubai being US$1,300 per square foot (psf) compared with $3,000 psf in London. In fact, a number of developers said lower oil prices and global stock market crash has not deterred new launches with many planning more projects by year-end or early 2016. UAE developers continued to launch new projects, worth billions of dirhams, on day one of Cityscape Global, expecting global investors to be attracted to the emirate due to its safe-haven status and ‘affordable’ prices compared with London, New York and Hong Kong.