The bubble is going to burst

Sales have opened for residential units in Emirates Financial Towers at Dubai International Financial Centre, according to the developer. The $160m twin towers project is selling apartments, and has office and retail space. The buildings will have 1,200 automated parking spaces designed by the US' Robotic Parking Systems.

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A minimum of 125,000 residential units will be released on to Dubai's property market by 2009, according to a report by Shuaa Capital and Colliers International and cited by Gulf News. The report predicts that more than 70,000 units will be released this year, with a further 40,000 next year. It is thought demand will not keep pace with supply and prices will soften, especially in the high-end apartment sector.

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Major delays to the completion dates of Dubai's real estate developments are undermining confidence in the sector, reported Gulf News. Investors are facing delays of more than six months in many instances and currently have no recourse to compensation. Some experts have suggested an imposition of a fixed fine of up to 1.5% of the value of a property for every month's delay beyond an agreed date.

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