Dubai Rolls Out Property Projects Despite Falling Prices

Dubai rolls out property projects despite falling prices

DUBAI, (APP - UrduPoint / Pakistan Point News -6th Sept,2016) - Dubai developers are rolling out their scale models for the city's latest grandiose property projects despite continued falls in real estate prices.

Shimmering skyscrapers, golf-course villas and houses in sprawling communities are on show at Cityscape, a fair with a growing a reputation as the venue for launching the emirate's mega projects.

The centrepiece of this week's fair is Jumeirah Central, an entire district with a mixture of residential and office blocks, hotels and a mall, along the city's Sheikh Zayed artery. The project is being developed by state-owned Dubai Holding -- the maker of the luxurious, sail-shaped Burj al-Arab hotel.

Emaar South is another new development announced on the eve of Cityscape by Emaar Properties, which built Burj Khalifa, the world's tallest tower, among other Dubai landmarks. It is to be erected in Dubai South, a vast desert that hosts Dubai's second airport Al-Maktoum which is touted to become the world's largest and replace Dubai International as the base for Emirates Airline.

"It is really amazing to get the chance to keep expanding this city," Emaar chairman Mohamed Alabbar said at the launch. "Keep in mind that we are (only) 40-plus years old... We are really young as a country and as a city and there is a lot to do," he added.

On the first day of the fair, Nakheel -- the developer behind the man-made archipelago of Palm Jumeirah -- announced an apartment complex that it says will "dominate" the skyline. Dubai became a magnet for property investments when it opened the sector to foreigners in 2002, standing out in a region that mostly confines freehold ownership to citizens.

The value of property surged at breakneck speed until the global financial crisis hit the debt-laden emirate in 2009, sending prices into free-fall.