Four of the world’s six tallest buildings completed in 2012 are located in Dubai, the Council on Tall Buildings and Urban Habitat (CTBUH) said.
Dubai added real estate projects valued at over $110 billion (Dh404 billion) in November alone, taking the total preliminary/early stage projects in the UAE to $199 billion, according to a Citi report.
Investors in a palm-tree shaped island development off Dubai’s coast rejected Nakheel PJSC’s offer to provide completed studio apartments instead of villas planned for construction, Al-Ittihad said.
Property developer Nakheel had informed investors in the Palm Jebel Ali project of delays in delivering houses, and offered studios in other developments in compensation, the newspaper reported, citing an unnamed department official. The Dubai Land Department received complaints from about 600 investors in the development, rejecting the offer, it said.
Palm Jebel Ali is one of four man-made island developments in Dubai. Only Palm Jumeirah was completed, two years ago. The others are Palm Deira and the The World, a collection of islands forming a world map.