Property prices in one of Dubai’s most exclusive developments are falling, according to reports from the Emirate. Downtown Burg Dubai, the development surrounding the Burj Dubai tower, has seen prices drop substantially in the past several months, in some cases as much as 22 percent.
“Downtown Burj Dubai had quite a sharp spike in pricing. Anything that has a sharp spike is open to a correction if the market slows,” said Vincent Easton, head of sales at Sherwood property consultants in Dubai. While the recent correction in prices has been caused by short-term speculators, the long term outlook in Dubai is still very good, according to Easton.
Downtown Burj Dubai is a mixed use development in the heart of Dubai. It includes the recently opened Dubai Mall, the largest retail center in the world and also the largest building in the world, the Burj Dubai. The tower is expected to be completed next year and is already one of the Emirate’s most sought-after destinations. With some sellers in the area looking to get out, it’s a good time to consider this premier location.
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