The National: Burj Dubai rents drop 50%
Residential prices for Emaar Properties’s signature Downtown Burj Dubai development have fallen by at least 22 per cent, with reductions of up to 50 per cent within the Burj Dubai tower itself, according to property brokers.Read it all.
Some high-end developments in Abu Dhabi are also recording significant price declines in the secondary market, where properties change hands after being sold by the developer.
The price corrections underscore how the credit crunch and prospects of a global recession are affecting the property market, particularly high-end developments.
According to statistics from the international estate agents Hamptons, which is owned by Emaar, prices in the Downtown Burj Dubai area rose 88 per cent in the year to September. Other brokers said some prices more than doubled.
Hotel room rates in Dubai are beginning to dip as the economic crisis bites into spending in the leisure and business sectors, industry insiders say.A hidden surcharge for air conditioning? That's low.
Four- and five-star properties in the emirate have cut room rates between 10 per cent and 30 per cent, Aloke Dey, the manager of Sharaf Travel Holidays, one of the largest Dubai-based tour operators, said yesterday. “Right now, we are finding that there is a lot of availability and hotel prices are so much lower than last year.”
Avtar Singh, the director of operations at Lama Tours, also based in Dubai, ... said many Dubai hotels had removed their surcharges.
“This is basically an extra fee that hotels charge guests for air conditioning, Wi-Fi and other room facilities and it’s a hidden charge that many guests don’t know about,” said Mr Singh. “But once you remove it, the room rate drops by about 10 per cent, which is what is happening now.”
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