Discount for Dubai property? Easy!

New property in Dubai could now be snapped up for huge discounts after agents said some prices have fallen by as much as 70 per cent in 12 months.

Some brokers also believe the correction will continue into this year and will reach a level similar to prices seen in 2005, before a full recovery starts.

Earlier this year many real estate companies began to introduce flexible payment plans, discounts, and revised prices for people who had already put down deposits.

Even some of the plushest property in the emirate has been hit, with brokers claiming in February that some real estate schemes on the man-made Palm Jumeirah island had dropped by 50 per cent.

Quoted by the Khaleej Times, Mohammed Khan of real estate brokers New World Capital said: “We have already seen prices plummet across Dubai’s property sector by 50 to 70 per cent to the level of 2005.

“We expect the plunge to continue for the next six to eight months to bring prices down to their original level five years ago.”

According to the Khaleej Times, Khan mentioned a number of real estate schemes which have seen price drops, including villas at the Garden Homes project at AED 6 million ($1.6 million), down from AED 15 million ($4 million) a year ago.

Also mentioned were falls in property prices at Jumeirah Lake Towers, which were selling at AED 700 ($190) per sq ft of real estate compared to previous levels of AED 1,500 ($407) per sq ft