The REASON why these developments are still being built is firstly the developers will have taken a certain amount of deposits on the off plans and therefore are under contract to build. Secondly, once the project is in place, which costs an awful lot of money, there is a time limit to start the build otherwise they have to reapply again. However once started, they can drag their heels. The backing bank will be pressing them to srart as then the deposits paid can go into thier pot to pay the loan, and the faster it gets built, the sooner buyers are assumed to complete.
The building will continue and new starts will continue until time catches up – ie as buyers were still rushing in with both feet until around 06, then you can safely expect newbuilds to keep starting until probably end of 08/09.
Then it finally catches up with itself. Many developers will be proceeding slowly in the hope of selling a few more units to at least break even on their costs, then they can sit back and sell the rest at the price they want as it is their profit they are playing with – and if no profit, then no tax to pay which also helps them!
You will find developments 30 – 40% occupied witht he developer in control of the community meetings! Now thats fun – and fact!!