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Dubai gets down in property rate

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Dubai is getting cheaper and cheaper with downing rates of property every week. According to a source of www.propertykhazana.com the realty arena at Dubai will take another 5 to 6 years to get back to its original form as the prices have gone down around 30 percent at many major locations across Dubai. Chairman of Vakil Group says that the – current rate of property has almost touched one third criteria for any major spots in Dubai and it is feared to get more deep with in next couple of weeks.
Dubai based Nakheel realty is one of the most effected firms after the market fell up to 50 percent and has been forced to seek a trading deferral of its Islamic bonds. Also the group has sought moratorium for the current debts from the banks as per the source of www.propertykhazana.com . Offering the support to its clients the bank of United Arab Emirates is making some norms for the situation for such harsh situation and this made the huge monetary inflow to the numerous projects rising from 6 percent on 2006 to around 62 percent by the end of 2008.
“Besides the slow financial slowdown there are still 1850 projects in the country acting on full pledge” as stated by Proleads, a research firm. Another study of civil engineering has depicted around 68 percent of total ventures are still running successfully across the city. For more and latest realty updates visit www.propertykhazana.com.
Source: NBTVLIVE

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