Investor default rate on Tanmiyat's projects in the UAE could climb as high as 50%, the developer has warned.

'It could go as high as 50%,' said Wan Hansi, advisor in charge of Tanmiyat.

He said the current default rate on the Saudi-based developer's three projects in the UAE was low thanks to a string of concessions introduced by the company to help struggling buyers.

Tanmiyat, which owns AED10bn of assets, has revised payment plans for its projects in the UAE and stopped collecting installments from investors for 12 months in February this year.