Prices for homes on Dubai’s Palm Jumeirah Island have fallen significantly over the past several months, with some dropping as much as 40 percent. A four bedroom villa on the island is selling for 10 million UAW dirhams, or approximately £1.8 million. That’s down from 15 million dirhams in September, according to some property sources.
The Palm Jumeirah is the largest man-made island in the world, and is the first of three such projects being undertaken in the waters off Dubai. Nakheel is the developer of the islands, and it has seen a slowdown in the rate of property sales on all three islands.
Even as prices are dropping, the island’s flagship hotel is opening with a tremendous party. The Atlantis hotel at the very top of the palm is celebrating its grand opening with celebrities from around the world. South African billionaire Sol Kerzner is the owner of the hotel and is organizing the bash. In attendance are Robert De Niro, Denzel Washington and Oprah Winfrey, and pop star Kylie Minogue headlined the party. The hotel will have spectacular water parks and an aquarium in addition to its luxurious accommodations.
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