House prices on Nakheel’s Palm Jumeirah project have fallen below AED800 per square foot for the first time in over three years – and nearly 60% down in the past five months, Arabian Business can reveal.

Agents are now looking to offload three bedroom apartments covering 2,184 square foot for just AED1.7 million, representing only AED778 per square foot.

And experts suggest even that figure could fall further. “The 1.7m (dirham) is the listed price, and we all know that nobody is selling for a listed price. There are people who may be willing to take even 1.5million, which would less than 700dhs per square foot,” said one agent.