Residential prices for Emaar Properties’s signature Downtown Burj Dubai development have fallen by at least 22%, with reductions of up to 50% within the Burj Dubai tower itself, according to property brokers.
Some high-end developments in Abu Dhabi are also recording significant price declines in the secondary market, where properties change hands after being sold by the developer.
The price corrections underscore how the credit crunch and prospects of a global recession are affecting the property market, particularly high-end developments.
According to statistics from the international estate agents Hamptons, which is owned by Emaar, prices in the Downtown Burj Dubai area rose 88% in the year to September. Other brokers said some prices more than doubled.