Dubai developers 'must delay payment requests'

A new report focusing on the Dubai property market has outlined a rescue plan for the emirate's faltering property market.

RichVille's Dubai Real Estate Market Report for the fourth quarter of 2008 has revealed that although the economic slowdown may reduce demand for property in the region, the lack of finance available for developers could also result in the delay or cancellation of construction projects, causing demand to outstrip supply in the medium term.

However, founder of RichVille and chairman of member firm Tharaa Holding Tariq Ramadan noted that one of the only ways for the area's property market to be stabilised is for property developers to delay asking for payments from buyers.

"It is very interesting to see that while the authorities around the world are taking all possible measures to revive their real estate markets, authorities in Dubai seem to be doing nothing to support the real estate sector," he added.

In related news today, former tennis player and health club owner David Lloyd announced he is to invest in Dubai property.

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