One of the developers involved in a residential project and a hotel worth $4 billion said that the property market in Dubai is ready for an upheaval in 2011. This is propelled by the increased inflow of people into Dubai and the ease with which mortgages can now be obtained.

Dubai Pearl’s Chief Executive, Santosh Joseph says that it is no longer possible for banks to stay away from lending money to people. And most often than not, the money that is lent by the banks enter the property market.

With the prices of property falling 50% below its actual value and cancellation of projects worth $300 billion, the Dubai property market experience a huge slump in the property market when recession hit the world.

The $1.5 billion that was paid in advance for the apartments at Dubai Pearl and Al Fahim Group’s commitment of $500 billion towards this project has been helping Dubai Pearl sustain even during tough times. The Al Fahim Group has an 80% stake in this property and Joseph holds the other 20%.

Dubai Pearl is a 20 million sq ft project that is being constructed less than a mile away from the man made islands that are shaped like a palm tree. The building is going to have 73 levels and a single roof will hold the entire construction together.

A few important hotels like MGM, Bellagio, Baccarat and Sky Lofts will have about 1400 rooms reserved for them. Low rise buildings housing theaters and malls will surround this construction.