(MENAFN) Dubai's Real Estate Regulatory Authority (RERA) said some 291 projects are on hold in the emirate after the collapse of its property market in 2009, Reuters reported.
Dubai's property sector was heavily hit by the downturn, with billions of dollars worth of projects put on hold or cancelled, while property prices slumped to more than 60 percent.
According to the real estate watchdog's report, 165 projects were completed since the slowdown while work on 29 projects have not commenced yet.
The report said that the market current status has led to the re-evaluation of a number of real estate projects and delays in many projects.
Among the high-profile projects that were delayed or scrapped after the downturn Dubai Properties' Tiger Woods-themed residential and golf course project and developer Nakheel's kilometre-high tower.
Nevertheless, the report unveiled a brighter outlook on the market, as the total value of real estate sale transactions grew to USD38.2 billion last year, compared to USD32.5 billion in 2010.
During the boom period in 2008, sale transactions reached AED260.7bn.
Dubai is planning a dual-tranche Islamic bond that could raise at least 1 billion and attract healthy demand as the regional tourism and business hub puts its 2009 debt debacle behind it.