According to Arabiya Net, Mohamed Alabbar, Chairman of the Board of Directors of the company said at a conference in Dubai: We are no longer building, adding: Government agencies decided to stop new real estate development projects Nearly a year, but Corona has definitely curbed development.
for years Emaar has resisted calls to halt construction even as the market is flooded with new properties and prices have fallen by more than 30% since 2014.
With the outbreak of the epidemic, real estate companies were concerned about their cash flow and halted projects as demand from foreign and local investors evaporated.
Alabbar said that demand is now accelerating amid discounts provided by developers. He said that the demand from buyers in India, Russia and Saudi Arabia is strong.
