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Even Property on Dubai’s Spectacular Palm Island is Rocky

by Marquette Turner

in Money & Business, News & Views, Real Estate Radar

Prices for real estate on Dubai’s Palm Jumeirah Island have fallen significantly over the few quarters, with some dropping by as much as 40 percent. For instance, a four bedroom villa on the Palm is now on the market for AED10 million Dirhams, or approximately $2.6 million USD. This is down from AED15 million Dirhams or approximately $4 million USD in September.

The Palm Jumeirah is the largest man-made island in the world and is the first of three such projects being undertaken in the waters off Dubai.  The developer of these islands has noted a general slowdown in the rate of property sales on all three islands proving that all that glitters isn’t necessarily gold!

Simon Turner

FYI:  Read related articles on Dubai; or Islands; or Luxury Homes

{ 3 comments… read them below or add one }

Dubai Property December 5, 2008 at 8:21 am

Look property prices are falling everywhere in the world and Dubai Real Estate is no expection to this. We must also admit that the vaulations were too high and when major financial institutions of the world went bust the ripples would have inevitably led to this condition.

Dubai Property December 5, 2008 at 8:21 am

Look property prices are falling everywhere in the world and Dubai Real Estate is no expection to this. We must also admit that the vaulations were too high and when major financial institutions of the world went bust the ripples would have inevitably led to this condition.

Dubai Property December 5, 2008 at 8:21 am

Look property prices are falling everywhere in the world and Dubai Real Estate is no expection to this. We must also admit that the vaulations were too high and when major financial institutions of the world went bust the ripples would have inevitably led to this condition.

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