*House prices on Palm Jumeirah sink to three year low* *Arabian Business*
)Sale prices on Dubai’s Palm Jumeirah have fallen to their lowest level in over three years, with a three bedroom apartment on the prestigious Shoreline changing hands for just AED1.55million ($422,000). Arabian Business understands the property is one of a number of new distress sales that have come onto the market in the past six weeks – effectively pushing down the lowest selling price to just AED704 ($191) per square foot. This compares to a peak of over AED2300 ($626) in 2007. Since the start of the property crash in late 2008, prices have now fallen by nearly 70 percent in some parts of the Palm, though across the development the average drop is believed to be closer to 40 percent. In May this year the Arabian Business Think Tank forecast that prices on the Palm Jumeirah will plummet another 20 percent in the next year. It predicted that average prices for an apartment on Nakheel's man-made island will fall to just AED1,022 per square foot by May 2011. http://www.arabianbusiness.com/594695-house-prices-on-palm-jumeirah-sink-to-three-year-low *International City units selling below launch price* Emirates Business 24/7 Price of apartments in International City are at their lowest as property owners are selling at prices below the launch price. While studios were sold for Dh220,000 and one-beds for Dh320,000 at the time of launch, property owners are now offering the units at a discount ranging from 10 to 15 per cent, according to data analysed by Emirates 24|7. The current asking price for studios is between Dh190,000 and Dh210,000, while one beds are available for Dh290,000 to Dh310,000. As for the furnished apartments, owners seek an additional Dh15,000 to Dh20,000. In 2008, the average sale price touched a high of Dh870 per square feet, declining to Dh600 per sq ft in 2009 and now hovering at Dh400 per sq ft this year. http://www.emirates247.com/property/real-estate/international-city-units-selling-below-launch-price-2010-08-12-1.278035 *Damac promises to deliver 3,900 units by Q1* *Emirates Business 24/7* Damac Properties expects to hand over seven projects totaling 3,900 units of residential, retail and commercial space in Dubai by the first quarter of 2011, General Manager Ziad El Chaar said. "The focus now is not on launching new projects. We have to consolidate what we started," Chaar said. Its main developments are at home in the UAE and Egypt. Damac is building 12,500 units across its markets in the Gulf Arab region, Egypt and Lebanon, most set to be handed over by early 2013. It also has projects in Qatar and Saudi Arabia. http://www.emirates247.com/property/real-estate/damac-promises-to-deliver-3-900-units-by-q1-2010-08-11-1.277760 *Capital attracts office renters from Dubai as companies shift focus* *The National* Abu Dhabi landlords are starting to benefit from a migration of corporate occupiers from Dubai, leasing agents say. As prices in Abu Dhabi decline and new high-end commercial space comes online, these companies see an opportunity to increase their presence in an economy fuelled by oil exports. “We are starting to see evidence of multinational companies who have had up until now a larger presence in Dubai as compared to Abu Dhabi, shift their focus,” said Piers Barttelot, a leasing director at the property consultancy Jones Lang LaSalle. “They are now looking into the feasibility of downsizing in Dubai and upsizing in Abu Dhabi.” The changes are the reverse of the country’s residential market, which has in the past 18 months seen more people with jobs in Abu Dhabi moving to Dubai’s more developed projects such as Downtown Burj Khalifa and Jumeirah Beach Residence. Another 1.2 million square metres of office space is expected to be delivered in Abu Dhabi by the end of 2012, half of which will be in the large master-planned areas such as Al Reem Island, Al Raha Beach and Sowwah Island. http://thenational.ae/apps/pbcs.dll/article?AID=/20100810/BUSINESS/708109892/1051 [image: cid:3356737934_672033] DPRE Real Estate Brokers LLC Ayham Jbara Property consultant Office 1102, Al Moosa Tower 2 Sheikh Zayed Road Dubai PO Box 123704 United Arab Emirates +971 505910570 mobile +971 4331 6618 phone +971 4331 6619 fax ay...@dpreholdings.com <n...@dpreholdings.com> www.dpreholdings.com Confidentiality: This communication contains information which is confidential and may also be privileged. It is for the exclusive use of the addressee. 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