We have all read about the horror stories about how recession affected Dubai and its booming real estate market. The city has taken a severe blow from the economic downturn and many of the projects were left incomplete.
While Palm Jumeirah has been the most talked about luxury real estate space in the last couple of years, even that has taken a toll and the prices dropped by almost 40% from the August 2008 peak. Moreover, rentals have reduced by a quarter. Nevertheless, Cluttons Middle East’s head of UAE residential valuation Chris Waight reveals that Palm Jumeirah can still give property dealers in London and Paris a run for their money.
While property prices have reduced all over Dubai, it is expected that the prices would soon begin to rise. Moreover, the fact that Palm Jumeirah is still more expensive than the most expensive in London or Paris indicates that there is going to be a huge growth in this sector. It would be interesting to invest in an apartment in Palm Jumeirah now, since it is relatively cheaper than it was earlier.
Via: Top News