One of the largest Arab construction companies Nakheel, part of the government investment holding company Dubai World, announced the resumption of construction of the frozen facilities in Dubai, reports news portal Property Wire.
In an official statement the company said that in the first quarter of next year will be 523 villas ready by the project Al Furjan, and by the end of next year - 289 villas in the Jumeirah park, being built by Nakheel. In these projects the company will help the government.
According to a company representative, they have already received financial support from the government for the completion of the district Jumeirah Golf Estates, on which work was stopped because of financial problems in 2009.
According to analysts, construction of new facilities will lead to further decline in property prices in Dubai, as the market oversupply - are empty about 40 million homes.
Experts believe that to overcome this situation will require 20 months. Due to the bad situation in the market, according to the representative of Nakheel, a company 50% of its revenue plans to receive orders from other countries. Thus, in the next few years, the company will focus on finding a job in Syria, Lebanon, Algeria, Saudi Arabia and Egypt.