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Dubai property developers selling units at 2006 prices
A number of real-estate developers in Dubai are bringing down their property prices to 2006 levels…
December 26, 2009 7:23 by kippreport
A number of real-estate developers in Dubai are bringing down their property prices to 2006 levels in a bid to attract more buyers, reports Emirates Business 24/7. MAG Group Property Development, CHI Development Group and Tiger Properties, among other developers, are selling units they had previously shelved for various reasons.
“We had cut price on our MAG 218 project at Dubai Marina a year ago to 2005 level,” Mohammed Nimer, CEO, MAG Group Property Development, told the UAE daily.
“When the crisis started, we had 30 to 40 apartments unsold in the building and we sold them at AED800 per square foot.”