Bloom Properties, an Abu Dhabi based property developer, says it will go back to buyers in one of its key projects and allow them to renegotiate the price they paid downwards to reflect falling construction costs.

Property prices in the capital have surged over the last couple of years and buyers paid as as much as Dh3,000 (US$816) per sq ft during the boom, but brokers say more than 80 per cent of buyers were speculators who cannot afford their properties’ full price.

The National