People pass by the water canal and the world’s tallest block which contains some of the world’s tallest residential towers, at the Marina Waterfront in Dubai.
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Faced with predictions that Dubai home prices may drop as much as 20 percent this year, analysts say the emirate's real estate developers and lenders are better prepared than when a crash in 2008 brought the city to the brink of bankruptcy.Emaar Properties PJSC, Dubai's largest publicly traded homebuilder, is working with the city government to develop a $2.7 billion residential and retail beach front project, it said earlier this month. Emaar is also working on the 6.5 million square-meter Dubai Creek Harbour project and the 11 million square-meter Dubai Hills development with government-owned Meraas Holding.Emaar is up 11 percent in Dubai trading this year, while competitor Damac Properties Dubai Co. gained about 19 percent and Union Properties PJSC advanced 11 percent. Emaar was down 0.9 percent in Dubai trading at 8.03 dirhams as of 1:32 p.m.
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