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Dubai Palm prices fall 40%
Country: Dubai, United Arab Emirates
20 November 2008
Property brokers report that prices on Dubai's Palm Jumeirah island have fallen as much as 40% since September.
According to Quaid Abbas, property consultant at Engel & Volkers; a four-bedroom villa on the man-made island developed by government-owned Nakheel, is now selling for just under £2m down from nearly £3m in September.
Dubai Islamic mortgage lender Amlak AMLK.DU said it has suspended new mortgage loans as Dubai's real estate sector shows signs of collapsing.
Rehab Gouda, senior sales agent at Al Jabal Real Estate says; "It is very hard to get loans now. Customers are suffering," Gouda said. "Either they have pre-approval from before the crisis, or they are cash buyers."
Nakheel said earlier this week it was witnessing a slowdown in the rate of property sales and last month announced it had scaled back dredging work on its massive Palm Deira project, the largest of three palm archipelagos that is planned to house more than 1m people.
Browse other Dubai property news stories, read articles about investing and buying property in Dubai or view our range of property in Dubai.
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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: £181,616
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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: £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: £271,881
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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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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.
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Price: £731,763
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Type: Apartment
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Bedrooms: 3
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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: £1,432,557 GBP
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Type: Apartment
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The Mansion at Burj Dubai is an architectural masterpiece, its unique value proposition is that all homes within the 60-storey tower open to direct views of Burj Dubai, the world's tallest building, and the magnificent fountain on Burj Dubai Lake.220
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Price: £1,864,970 GBP
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Type: Penthouse
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Bedrooms: 5
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Developer Deyaar
Penthouse, Top floor
Full lake view
Floor 38
Area: 5,765 sq.ft
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