Dubai property prices halved
16 January 2009
Investors are fleeing Dubai’s property market as the global credit crunch continues to smash investor demand, Arabian Business reported.
Brokers in the UAE have confirmed that speculators are keen to off-load property built by Nakheel at Jumeirah Park and Jumeirha Islands as soon as possible to avoid further price drops. Completed four-bedroom villas on Jumeirha Islands are now up for grabs for Dh6m (£1.1m), down from Dh10.5m (£1.9m).
Abu Dhabi-broker Ocean View confirmed that real estate values have fallen by 40 to 50% on average over the last quarter.
“It’s a big difference now, investors are quickly reducing prices,” adds Imran Aslam, agent at Dubai-based property broker AAA. “They are also finding they have too many properties, so they want to sell. At the moment, there are no stable prices in the market.”
Aslam said off-plan villas at Jumeirah Park, a 350 hectare planned residential community due for completion in the next few months, have fallen in price by 40%.
Adriana Kapostikova, broker at Dubai Waterfront Properties, said: “It [the market] is going down. This is the problem. There are people putting prices down and down because they want to sell. It’s cheap now.”
Private developer Nakheel completed Jumeirah Islands in 2006. Villas at Jumeirah Park, which is a family-orientated development with a number of open spaces and parks, range from three-five bedroom villas.