Housing values head south in Northern Emirates
--> The once buoyant property markets in Ajman and Ras al Khaimah have suffered a major decline in the past year as sale prices for some properties have been cut almost in half, says the property services company CB Richard Ellis (CBRE).
Residential prices in Ras al Khaimah are now as low as Dh6,700 (US$1,824) a square metre, down from more than Dh11,000 at the peak of the market in 2008, CBRE said. Ajmans average price is Dh4,300 a sq metre, down from Dh5,900 in 2008.
2009 has been a challenging year for the Northern Emirates as reality returns with a bump amid severely pressing economic conditions, said Matthew Green in CBREs latest property report on the area.
New supply has entered the market while demand has shrunk as a result of the credit crunch in late 2008. In Ajman, where more than 1,000 towers were planned, most of the projects have been cancelled or have not started construction as investors stopped paying.
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