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Overseas Property News
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Dubai property developer heaps further pressure on market
Country: Dubai, United Arab Emirates
26 November 2009 Dubai property developer, Nakheel, has made a request to suspend its debt on the Palm Jumeirah property scheme and other neighbouring developments in the emirate, in a further sign that there may be worst to come for the Dubai property market which has crashed spectacularly in the past year. The news shook credit markets around the globe and casts fresh doubt whether Dubai will be able to meet its obligations, leaving many projects uncompleted. Construction work has already ceased on around 400 Dubai property projects around the emirate collectively worth around £200bn. Dubai property values across the emirate have plunged over the past year, with prices falling by up to 60% year-on-year. Carl Mortishead, a commentator at The Times newspaper, said: “Dubai, the flighty sibling emirate of the more sober and richer Abu Dhabi, is dragging the financial reputation of the entire Gulf region through the gutter. “Dubai was sold to the world as a place where West and East could do business by day and play by night. For Saudis and Iranians, it was an Aladdin’s cave of sensuous delights. For Western bankers, it was a tax-free oasis where alcohol and money flowed. Contrary to popular belief, Dubai was never cheap. Everything is imported, including the construction workforce which last year begun to protest against appalling conditions.”
See Also: Dubai, Marc Da-Silva, Palm Jumeirah
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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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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