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Overseas Property News
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Nakheel slash prices to tackle downturn
Country: Dubai, United Arab Emirates
22 May 2009 Dubai-based state-backed developer Nakheel is offering its customers discounts of up to 30% on its residential units in order to help people avoid payment defaults. It is hoped that the move will help investors to keep up with their instalments, and is being introduced on various schemes including, Jumeirah Heights Clusters, Marina Residences, Veneto and Badrahs, according to UAE daily The National. A company spokesperson said: “Nakheel is aware that the current economic conditions pose a challenge to some customers and is, as such, introducing some initiatives to help customers meet their commitments and obligations towards Nakheel.” Other Dubai property developers have also introduced various in an attempt to tackle investor defaults as the economic downturn takes hold. Emaar has relaxed payment plans, while Deyaar has slashed the prices of its units by up to 30%.
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