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Overseas Property News
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Celebrities make huge losses on Dubai properties
Country: Dubai, United Arab Emirates
9 March 2009 Celebrities including David and Victoria Beckham, Michael Jackson and Brad Pitt are losing up to £80,000 per week on the value of their luxury properties in Dubai, as values continue to plummet, according to a report in the Sunday Mirror. Celebs who flocked to Dubai to purchase homes over the past few years have seen prices halve, with Dubai properties worth £3.2m in October now reportedly on the market for £1.6m. And with the world’s superwealthy cutting their losses and selling up, the Dubai property bubble has well and truly burst. The oil-rich Gulf state courted the famous for its Palm and World Islands developments, a series of artificial peninsulas in the Persian Gulf. Among those who bought there were Angelina Jolie and Brad Pitt, England cricketer Andrew Flintoff and ex-Formula 1 champ Michael Schumacher, who owns a £5m slice of “Antarctica” in the World Islands. England footballers were some of the keenest buyers. When the squad stopped off in Dubai on their way to the 2002 World Cup in Japan and South Korea, they were shown plans for Palm Jumeirah, a vast, palm-tree shaped island made from sand dredged from the seabed. Beckham, Michael Owen, Ashley Cole, David James, Joe Cole, Wayne Bridge, Gary Neville and Paul Scholes put down deposits on £800,000 six-bedroom villas at a special rate. They immediately looked like unbelievable investments, as property prices quadrupled over the next six years. But last October, amid the global recession, Dubai was hit by a housing market crash, which has now cost investors billions. Jack Whisker, of luxury agents Dream Property Dubai, said: “The Dubai market has fallen off a cliff. “The credit crunch hit us suddenly because all the foreign investors lost confidence. “It has hit the higher-value properties the hardest. Fourbedroom villas worth £3m a couple of months ago are now being sold for £1.5m.”
Some properties in Dubai, United Arab Emirates
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Price: £105,038
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Type: Apartment
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An ideal investment opportunity, this studio is ideally sized and positioned to achieve excellent rental yields. Studio apartments on the marina are popular amongst business professionals looking for long term lets.
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View details | Enquire further
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Price: £166,348
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Type: Apartment
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Bedrooms: 1
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Elite Residence is destined to become one of the most exclusive and sought-after addresses in the Middle East, it is ideally located at the core of Dubai Marina, near significant city landmarks like Palm Jumeirah and the Mall of the Emirates.
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Price: £185,606
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Type: Apartment
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Bedrooms: 1
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Considered the tallest residential tower in the world, The Princess Tower is being constructed on a 37,410 square feet plot in the Marina area, known to be one of the most exclusive and prestigious areas in Dubai.
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Price: £194,936
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Type: Apartment
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Bedrooms: 2
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A mid-level 2 bedroom apartment, this property has stunning views of the sea and the trunk of the palm. It presents an ideal investment opportunity as 2 bedroom apartments in The Torch are incredibly high in demand
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Price: £264,880
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Type: Apartment
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Bedrooms: 1,2,3
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DUBAI GATE 2
JUMEIRAH LAKE TOWERS
1 BEDROOM PLUS DINING ROOM
18TH FLOOR FANTASTIC VIEWS
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Price: £277,855
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Type: Apartment
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Bedrooms: 2
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Elite Residence is destined to become one of the most exclusive and sought-after addresses in the Middle East, it is ideally located at the core of Dubai Marina, near significant city landmarks like Palm Jumeirah and the Mall of the Emirates.
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View details | Enquire further
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Price: £286,835
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Type: Apartment
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Bedrooms: 3
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This property boasts truly spectacular views as its situated towards the top of the worlds tallest residential tower.
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Price: £299,300
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Type: Apartment
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Bedrooms: 1
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· Project: The Fairways
· Developer: EMAAR
· Tower: T1 / West
· Type: 1 BR
· Suite area: 709 Sq ft
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Price: £435,654 GBP
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Type: Apartment
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Bedrooms: 3
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This luxurious 3 Bedroom apartment is a distress sale and is offered below market price.
Located in one of the prime Towers in the most sought after location in Dubai – O2 Residence in Jumeirah Lake Towers<
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