Mada’in Properties, a Dubai-based developer, has cut the price of its properties to existing homebuyers by 30%, citing lower construction costs.

The reductions are intended to be an incentive to investors to keep up payments on off-plan properties, including the 60-storey Marina Arcade tower in Dubai Marina, as prices have fallen sharply and defaults are spreading across the industry.

'We have studied the market conditions and have formulated a strategy that deals with the past, the present and the future,' said Abdul al Awar, the chief executive of Mada’in Properties.

The National