- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:31 05:49 12:21 15:48 18:47 20:05
The residential district is spread over 300 hectares and consists of 387 buildings. (FILE)
Price of apartments in International City are at their lowest as property owners are selling at prices below the launch price.
While studios were sold for Dh220,000 and one-beds for Dh320,000 at the time of launch, property owners are now offering the units at a discount ranging from 10 to 15 per cent, according to data analysed by Emirates 24|7.
The current asking price for studios is between Dh190,000 and Dh210,000, while one beds are available for Dh290,000 to Dh310,000. As for the furnished apartments, owners seek an additional Dh15,000 to Dh20,000.
In 2008, the average sale price touched a high of Dh870 per square feet, declining to Dh600 per sq ft in 2009 and now hovering at Dh400 per sq ft this year.
According to Nakheel’s website, International City project was launched in July 2002 and consisted of a residential district and a central district.
The residential district spreads over an area of 300 hectares and consists of 387 buildings.
It will house a total of 27,437 units, made up of 22,235 residential units (44.5 square metre studio and 66.5 sq m one bed) and 5,202 retail units, while the central district covers an area of 21 hectares and consists of 34 plots.
Dubai-based Harbor Real Estate estimates that less than 60 per cent of the 27,000 odd units that came on stream in 2007, 2008 and 2009 have been occupied-to-date.
Reasons for the low occupancy rate are lack of proximity to central Dubai, shops, restaurants and other amenities are being occupied slower than expected due to lengthy licensing processes and negative publicity related to parking issues, poor signage, lack of on-site facilities.
Harbor, however, expects to see a reversal in these factors, citing that most of the issues are being addressed and resolved.
Although not many banks are providing mortgage for properties in International City, agents say mortgage availability is handled on a case-by-case basis depending on the profile of the applicant.
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