Villa prices in Dubai fall by 45% amid real estate slump
Villa prices at Jumeirah Park and Jumeirah Islands, Nakheel’s exclusive residential developments in Dubai, have plunged up to 45 percent in the last four months.
Brokers across the UAE said speculators were desperately scrambling to off-load property before prices fell further.
Imran Aslam, agent at Dubai-based property broker AAA said completed three to four bedroom villas on Jumeirah Islands were now on the market for as low as six million dirhams, down from 10.5 million dirhams four months ago.
“It’s a big difference now. Investors are quickly reducing prices. They are also finding they have got too many [properties], so they want to sell. At the moment there is no stable price in the market.”
Categories: Living in Dubai Tags: Jumeirah Islands, Jumeirah Park, Nakheel, Real Estate, Recession
Lost Your Job? Arabian Park Hotel in Dubai Offers Free Food
Arabian Park Hotel in Dubai is offering free food to UAE residents who have recently lost their jobs. This free services for the victims of the credit crunch is available from Dcember 15, 2008 to January 15, 2009,
General Manager Mark Lee said: “To remind people of our value for money we’re launching this special offer. Anyone who has lost their job simply needs to bring along their redundancy notice and their food is completely free.”
The complimentary dinners will be offered in the hotel’s Brasserie restaurant.
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UAE to cut down unskilled expat laborCategories: Dubai Hotels, Living in Dubai Tags: Arabian Park Hotel, Recession
