New projects may quicken the pace of recovery in Dubai, reports Bayut.com

July 3, 2013 - PRLog -- Emaar Properties has announced two mega projects alongside its plans to expand its flagship shopping mall in Dubai. The leading developer, with the help of Meraas Holding, will be working on 11 million square meter project; Dubai Hills Estate. For its other project to develop the 6.5 million square metre Dubai Creek Harbor, Emaar is in the final stages of talks with Dubai Holding LLC.

These announcements have come amidst the recovering UAE property market which is heading towards a more widespread and profound recovery. Many property experts are of the opinion that oversupply was one of the major problems which led to the property crisis of 2008 and to avoid another property crisis, the government needs to control the supply of units. Experts at Bayut.com http://www.bayut.com/  however are of the opinion that such projects will quicken the pace of recovery in Dubai realty market.

It is interesting to note that both of these projects have been announced at a time when the sale and rental prices are surging in Dubai. Villa prices have already increased by 47 percent in May. Apartments too have been performing well the sale price of a mid-range apartment hiking by 32 percent according to Cluttons report. Bayut.com's report on Dubai realty sector which was published earlier in May reveals that rental prices too are steadily climbing across the city. The announcement of such mega projects of Emaar will definitely have a positive effect on property prices.

Many experts believe that Dubai is headed towards another property bubble which might burst like the one in 2008. Fortunately though, mega projects of Emaar are further strengthening the positivity in the market which will certainly give some boost to the recovery which has begun to gather some pace. Despite the positive aspects of these new projects, Dubai government should make more efforts to control the supply of units.

For more information please visit: http://www.bayut.com