Morning round-up: Ajman's incredible shrinking development

Marmooka City, Ajman's largest residential property project, will go ahead at just a fraction of its original size, after the developer cancelled more than 180 towers in response to a downturn in investor demand,

And there will likely be fewer trips to cooler climes for the UAE's property executives,

. Emaar and Nakheel are in for a long, hot summer as the property industry faces consolidation and predictions of a shrinking population.

Dubai rents have dropped to their lowest level in three years, according to a survey of brokers by

. Tenants can now rent a studio for as little as Dh26,000 in International City or the Al Baraha area of Deira.

that mortgage rates in the UAE could have gone up by almost 25 per cent in the past six months, according to analysts.