Dubai property developer cuts prices by up to 30%
06 March 2009
Dubai-based construction firm Mada'in Properties has announced that it is cutting the price of its residential properties by as much as 30% due to the economic and Dubai property market downturn.
People who have already bought into schemes built by Mada'in Properties will receive revised contracts with the purchase price of their properties reduced by up to 30% and will have their remaining payments rescheduled, the developer said.
“We have studied the market conditions and have formulated a strategy that deals with the past, the present and the future. Bearing this in mind, we have made the decision to assist our customers in their investments, not only in good times, but also in the current market conditions. The construction costs have been reduced significantly allowing us to pass on the savings to our current customers,” Abdul Aziz Al Awar, CEO of Mada'in Properties said.