Dubai's Palm Jumeirah sees prices fall as crunch moves in
Property prices on the Palm Jumeirah, the island in Dubai that has been dubbed the ‘eighth wonder of the world’, have plummeted by as much as over 40pc since September amid fears that the global credit crisis is stalling the emirate’s economy -
Nakheel said earlier this week it has witnessed a slowdown in the rate of real estate sales. Last month the developer 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 1 million people.
Meanwhile buyers are struggling to get mortgage loans in the region. Dubai Islamic mortgage lender Amlak told Reuters today it had suspended new mortgage loans as Dubai’s real estate sector shows further signs of stress.
Dubai-based Elysian Real Estate this week sent out a text message to up to 40,000 mobile phones advertising distressed property sales, offering a luxury six bedroom, six bathroom villa in Dubailand, a multi-billion-dollar luxury theme park well 30 pc beyond the prices 3 month ago - as buyers just stay away.
The Palm is the flagship part of Dubai’s ambitious ‘Universe’ development. The Universe will extend Dubai’s coastline to around 625 miles (calculated by measuring the coastal circumferences of the various manmade archipelagos), around 15 times its natural 43 miles.
By Louise Armitstead /www.telegraph.co.uk/finance/
Last Updated: 10:27AM GMT 21 Nov 2008
So - there ist is - the bubble is bursting ...
and - btw - the 4,7 Million Springs Villa Type 4E is still advertised at the Choitram - as just nobody wants to waste his money on a declining property market now - Thoughts ??
