Competition to buy property in Dubai

Laser beams beaming over Dubai's man-made island Palm Jumeirah signal the start of a new major construction project. With 71 floors and 76 penthouses, Como Residences will be the tallest building in the archipelago. The cheapest house here is priced at $5.7 million (Rs 46.5 crore).
Emirati tycoon Khalaf Ahmed Al Habtoor is starting work on a housing complex just off the city's main highway. In this, more than 1,700 houses will be built simultaneously. This trend is being observed across the Emirates.
Known for booms and busts, Dubai's realty market experienced a dramatic downturn in 2008. At that time some of the biggest developers were on the verge of bankruptcy due to debt. But in 2014 the situation changed rapidly. Due to falling oil prices, the housing property market saw a major decline in 7 years. But this time the developers are also hedging their bets. In this sequence, they are demanding advance payment from the buyers to cover most of the property even before the construction starts.
Pratyusha Gurrapu, head of research at property firm Core, says, “Cash flowing in from the wealthy around the world is supporting the emirate's real estate market. But this is increasing the risk for the buyers as developers are taking up more projects than they capacity.