Sunday, March 08, 2009

Mada'in Properties slashes property prices by 30%

Mada'in Properties, the Dubai-based developer, has slashed prices of its properties by 30 percent, due to drop in property prices across the UAE.

All existing customers of Mada'in Properties will receive modified contracts with purchase price of properties being discounted by up-to 30 percent, the developer said on Wednesday.

The CEO of Mada'in Properties, Abdul Aziz Al Awar, said that the market conditions have been studied and a strategy has been formulated that deals with the past, present and future.

With a desire to assist the customers in their investments, not only during good times, but, also in the current market conditions, the company has taken such a decision, he added.

The construction costs have considerably reduced now, and this has enabled the company to pass on the savings to current customers, he said.

Dubai real estate has dropped by 25% from its peak in September, due to speculations, global downturn and reduced lending by banks.

Last month, another Dubai-based developer, Deyaar, also announced that it plans to reduce property prices under the current market conditions.

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