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Dubai: Inflated prices of properties on the Palm Jumeirah have fallen 40 per cent as the number of 'distress sale' e-mails have begun to increase, real estate brokers said.
However, the villas and apartments are still selling at prices higher than the original prices.
"There is a sizeable increase in the number of property owners in an urgent state to sell," Robert Macnair, sales dir-ector of Dubai-based Elysian Real Estate, said on Thursday.
"It could be that they have a large payment coming up or they've seen the market dropping over the last month ... there is a real sense of urgency."
Abid Junaid, executive director of property developer ETA Star, said, "The current downturn is a reflection that the market is correcting itself, which is a good thing as the prices are going to come to a more realistic level." However, mortgage lender AmlakAmlak
's announcement that it is temporarily halting new mortgages is rubbing salt in the wound.
"This could be counterproductive, as this is the time to channel more funds into mortgages so that the end-users can buy," Junaid said.
While some analysts believe that it is not a reflection of the sliding property market, others are confident that it is a temporary condition, soon to be resolved. Prospective homeowner Joe D'Costa told Gulf News that the news would not deter him from investing in a new home for his family.
"I would rather buy now than later. I will go through any bank that will provide the finance," he said.
With inputs from Reuters.
By Nadia Saleem and Natasha Marrian
© Gulf News 2008
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