Dubai’s Palm Property Values Hit 4 Year Low
July 4th, 2011 | by Lucinda Dodd |
Properties located on Dubai’s Jumeirah Palm development have fallen to a four-year low, which could attract those seeking property investments in the emirate. Research conducted by Arabian Business revealed that values now stand at as little as 650 AED (110.4 GBP) per square foot. Real estate located on the Palm’s shoreline has seen its value decline by almost 70 per cent since the height of the housing boom, the organisation revealed. Apartments in the area are currently on the market for as little as 1.7 million AED. The news comes just a week after the government in the United Arab Emirates announced new visa rules for property investors. Under the new regulations, foreigners with more than one million AED invested will now be entitled to a three-year multiple-entry visa as opposed to a six-month visa. The government is hoping to boost confidence in the Dubai property sector among overseas buyers.
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