High-end Dubai property defaults on rise

Dubai is experiencing an increase in defaults in high-end properties as financing conditions worsen and is likely to see smaller property developers merge, a member of the emirate's financial crisis committee said on Sunday.

"There are more and more defaults on the high end, if banks do not give mortgages and speculators are high [in number] in the market," Marwan bin Ghalita, chief executive of the Real Estate Regulatory Agency (RERA) told newswire Reuters in an interview.

Bin Ghalita said now would be a good time for smaller developers to join forces, and that he expected some to do so.

High-end property defaults on rise - RERA - Real Estate - ArabianBusiness.com

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