The effect of the global financial crisis was truly highlighted by a subdued opening to the "Cityscape Abu Dhabi" property show on Sunday, along with a shift in emphasis to the completion of projects already launched.
A gigantic billboard put up by a major property developer on the road leading into Abu Dhabi, read that all projects are under construction.
However, there has been a dramatic change in business the pre-crisis era, when property developers in the United Arab Emirates (UAE), mainly Dubai and later Abu Dhabi, would sell enormous projects off plan within hours of their being announced.
There seems that there would be no announcement of any new projects at the show. The show shows several glitzy models of projects announced during the Dubai-led property boom, which burst spectacularly in autumn 2008.
Among them stands a huge scaled-down model of Abu Dhabi as it would look in 2030, if the government's masterplan keeps to schedule.
Mark Morris Jones of research firm CB Richard Ellis said, "A lot of the schemes announced over the past four to five years have been slowed down," while noting that developers have been looking at balancing delivery times with demand.
