Property Developers In Dubai Marina Area Selling Properties At 2006 Levels

More than just one of the many real estate developers are lowering their property prices to 2006 levels. This is all in a bid to attract more potential buyers. The report from Emirates Business 24/7. Real estate developers such as Chi Development Group, MAG Group Property Development, and Tiger Properties have decided to sell many of the units that were previously set aside for a variety of reasons.

The CEO of MAG Group Property Development, Mohammed Nimer, told the UAE Daily that the MAG 218 project at Dubai Marina has had prices cut to 2005’s levels. This drastic reduction in price has brought many eager buyers to Mag’s doorstep.

Nimer went on to say that when the real estate crisis began in 2008, there were between 30 and 40 apartments that not sold. These units ended up selling for AED800 per square foot!