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Off plan property sales 'dead' |
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Tuesday August 11 2009
Off-plan property sales are ‘dead’ and prices continue to
slide, Mohanad Alwadiya, managing director of property adviser Harbor
Real Estate has said.
While he said there were signs
of stablisation of completed properties in areas such as downtown Dubai
and the Palm Jumeirah, Alwadiya said investors lacked confidence in the
off-plan market, where prices have slid up to 50 percent since the
emirate’s property collapse last September.
“In some areas, mainly in off-plan, prices continue to drop. This is natural,” he told Dubai Eye radio in an interview.
“Confidence levels in off-plan projects is very low. Off-plan sales are almost dead,” he added.
On
a brighter note, Alwadiya said his company had seen 45 percent more
buyer queries in the second quarter, than in the first quarter.
Property
consultant Colliers International said house prices in Dubai fell 41
percent and 9 percent in the first and second quarters in 2009.
Dubai-based Harbor Real Estate offers property advisory services to individual and institutional investors.
Source: Arabian Business
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