Dubai is always a hot destination for a vast number of people who want to live a healthy and safe life with good opportunities to earn their livelihoods. But during the past few years the Dubai was in distressed condition due to global economic crunch that badly hit the economies of different countries around the globe. Dubai was not an exception this worst hit. The economy of Dubai largely depends on Dubai real estate market and oil reserves to derive national income. The year 2010 was not that satisfactory with respect to performance of the Dubai properties. But many analysts, researchers and real estate agents have predicted a rebound in 2011 as they think Dubai is on the track of recovery. The question here arises, with such an oversupply are new real estate projects being undertaken in Dubai?
In an interview the RERA Chief Marwan said that in the year 2011 many Dubai real estate projects will be canceled which are posing a burden on Dubai’s economy and are not feasible for Dubai. As a result, Investors will get their moneys back. This decision has been taken as these underlying projects are not adding value to the Dubai real estate. According to the head of the Emirate’s real estate regulator 202 projects have been cancelled and a good number of cancellations are in the pipeline. With these cancellations government is planning to undertake new real estate projects that are beneficial and profitable to the Dubai properties that will shape up the overall Dubai property sector as one of the very best performing sector of its economy.
In consequence of it, DAMAC, which is very renowned real estate company, has planned to deliver eight new real estate projects this year. This company has 12000 units still under development and is planning to undertake more projects as it believes on the growth of Dubai properties sector in this year. According to spokesman of the Dubai’s properties group, it will deliver four new real estate projects in the year 2011 that are likely to be completed in the famous attractive destinations of Dubai. There are numerous other investing companies who believe in the near rebound of real estate sector in this year and are ready to deliver new projects in the current situation. They also believe that rent in Dubai for different properties will also show an increase very soon.
Dubai’s government is taking steps to improve the performance of this real estate sector and removing the old real estate projects that are not beneficial. Besides that it is also undertaking new projects which can prove to be of great advantage and can boost the performance of the overall real estate sector of Dubai.
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