Developer slashes prices a third: reports

Developers are responding to market conditions and are slashing prices for existing customers. (EB FILE)

Dubai developer Mada’in Properties has slashed property prices for its existing customers by up to 30 per cent as a result of falling valuations, according to media reports.

Mada’in Properties’ existing customers will reportedly receive revised contracts discounting the purchase price of their apartments.

The move reflects plummeting construction costs, allowing the company to pass on savings to  customers, said Mada’in Properties CEO Abdul Azis Al Awar.

Dubai property prices have reportedly dropped recently as a result of reduced lending and the exodus of speculators, known as “flippers” from the market.

Another developer, Deyaar, also reduced its property prices last month.

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