Handovers to squeeze Dubai International City rents
Dubai, the worst-hit property market in the Gulf, saw house prices more than halve in late-2008 as the financial crash wiped out project funding and brought a halt to its real estate boom.
Nakheel was one of the biggest casualties of the crash, suspending at least 100 projects in the wake of the downturn as it sought to restructure about AED59bn ($16.1bn) of liabilities.
The developer, which split from its parent firm Dubai World in August to become a government entity, said in September it wrote down AED78.6bn ($21.4bn) from the value of its real estate.
International City and Discovery Gardens, both developed by Nakheel, have suffered from plunging rental vales as depressed prices elsewhere in Dubai have led tenants to relocate.
International City residents have long complained about poor infrastructure, the lack of sufficient access to the development, and the proximity of a nearby sewage processing plant.
Priyesh Patel, a broker at Aston Pearl Real Estate in Dubai, said any further declines in price at the development meant “it would not be worth any investor purchasing. Nakheel needs to bring up the standards on this project.”
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