Developers set to decide this spring whether to restart or ditch suspended schemes
Experts are predicting that March will be the critical time for developers in the Gulf to go ahead with delayed schemes or cancel them for good.
Dubai has been hit the hardest of the emirates in recent months, and UK contractors and consultants working out there have all admitted that workload in the once booming emirate has slowed down significantly.
Now some in Dubai have claimed that this spring will be the make-or-break month for many schemes as nervous developers must decide either to go ahead with delayed schemes or to pull the plug on them completely.
Sachin Kerur, a partner at law firm Pinsent Masons, said firms will decide in March whether to press on with stalled projects as the availability of financing should become clearer then.
And Minoo Jamaji, managing director of Roshan Construction, added: “March will see banks decide how much financing is available. Plus, by March we know how the market will be.”