For the first time in three years the cost of housing on the artificial island Palm Jumeirah in Dubai has fallen to record lows. In particular, three bedroom apartment, located in one of the privileged locations on the coast, were resold to a new owner for just $ 422 000. According to the business magazine Arabian Business, a record decrease in the cost of real estate due to the sell-housing, which took place recently. As a result, sales, real estate prices have fallen to $ 191 per sq.m. For comparison, in 2007, when prices peaked, square meter of housing on the Palm Jumeirah was worth $ 626. Real estate crisis in Dubai began in late 2008, and since then the house in some parts of the island has fallen in price by almost 70%. If we take into account the prices of all the local real estate, on average, their decline is about 40%. On this Site
