#Dubai developers set the ball rolling, more mega projects announced..

Upbeat property developers in Dubai kicked off the day one at Cityscape Global on Sunday with series of new launches – master developments to standalone projects, but primarily targeting the upmarket segment.

Prices in Dubai’s luxury market still are growing at the fastest pace in the world. In the year to March 2014, prices are up almost 25 per cent, though transactions have slowed down.

However, Dubai Land Department said that total value of real estate transactions had crossed Dh155 billion on as of September 2014, and the market was set for further growth.

The new projects launches were apart from the ones that Emirates 24|7 reported earlier yesterday.

The major announcements, once again, came from state-owned developers, however, property experts believe private sector will become active once the work starts on Expo 2020 venue site and all infrastructure plans are unveiled.

In its Q3 Dubai property market report, CBRE, a global real etsate consultancy, said positive market and economic fundamentals over the past 12 months has seen a growing number of developers moving ahead with stalled projects as well as the launch of multiple new schemes within a short time period.

The sales market, however, grew at a slower rate than in previous quarters with average sales prices increasing by around three per cent quarter-on-quarter, bringing the annual growth close to 23 per cent.

The best performing segment of the market during the quarter was found to be high-end apartments, a trend that was also visible in buying patterns with prime areas such as Dubai Marina and Palm Jumeirah seeing the majority of transaction activity, the consultancy said.