Lower Prices Likely To Boost Selling At International Property Show

As the International Property Show (IPS) kicked off in Dubai on Sunday, it is hoped that lower prices in the emirate's real estate market will help boost selling activity. Nothing will be up as the market needs a year. Prices will stay (as they are), said Sultan Butti Bin Mejrin, director of the Dubai Land Department. Analysts, however, have said that 2009 is the year for end-users as prices are dropping. Properties in areas such as Palm Jumeirah and Discovery Gardens are becoming increasingly popular as prices fall to bargain rates. However, while it is possible to snap up villas for good rates, the forecast price drop mainly relates to apartments. Apartment prices will fall, on average, by 20 per cent, with individual declines ranging between 10 per cent and 50 per cent depending on the development. Average villa prices are likely to remain relatively stable. Lower quality units will bear the brunt of these declines," Daniel Seleanu, research editor at Landmark Properties, said. Organisers of the IPS say that now is a good time to buy real estate provided developers are willing to be flexible.