Deals down on Palm as 200 own­ers seek to sell

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The num­ber of trans­ac­tions on Palm Jumeirah vil­las dropped by 25 per cent over the past 12 months. There was an even more no­tice­able drop on prime vil­las, priced at over Dhs10 mil­lion, which fell by 44 per cent, year-on-year. The fig­ures were re­leased in a re­port by Core, UAE As­so­ciate of Sav­ills. The re­port also out­lined tough mar­ket con­di­tions for other prime ar­eas in Dubai, in­clud­ing Al Barari, Dubai Ma­rina and Down­town. David God­chaux, CEO of Core, said: “With a to­tal stock of ap­prox­i­mately 1,700 vil­las, an es­ti­mated 150 to 200 vil­las are cur­rently avail­able for sale on Palm Jumeirah. “A strong re­cov­ery in prices is not an­tic­i­pated in the near term as we ex­pect this un­der­ly­ing stock to keep the sales prices static even if the de­mand re­vives in the com­ing quar­ters.” Dubai Ma­rina wit­nessed an over­all sales trans­ac­tions drop of 25 per cent, with the prime apart­ment sales fall­ing by 43 per cent. “How­ever, Dubai Ma­rina wit­nessed the high­est trans­ac­tion ac­tiv­ity in the apart­ment seg­ment over the last few years,” he said.

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