Despite the fact that property prices on the Palm Jumeirah have slipped by 40% from their August 2008 peak, a local real estate expert has said that units on the Nakheel development are still overpriced.

"Prices on the Palm compared to global hubs such as London, Paris and New York still seem fairly high in my opinion," Cluttons Middle East's head of UAE residential valuation Chris Waight said.

Waight indicated that prices for incompleted units were down by 50% "if not more", and that rents were down by a quarter - comparing favourably to other freehold areas in Dubai.