The dramatic rise of construction and real estate over the past two decades has been one of the stories of our time. Fuelled by cheap money and ambitious vision, developers raced against the clock to launch and build a dazzling array of projects to fill our skyline.
However, devastating the first boom-bust cycle was in 2008-10, property values and construction activity rebounded rapidly as liquidity continued to flow to the sector. Now, as the era of cheap money draws to a close (the jury is still out on this, given the continuing reduction in interest rates), stalled projects have once again reared their heads in cities across the world, from Melbourne to London to Shanghai.
