Prices of homes in a leading Middle East development are being renegotiated after the developer decided to pass on falling construction costs.
Bloom properties, based in Abu Dhabi, is revisiting costs at Bloom Gardens, meaning some buyers will pay less than they originally expected for their property investment.
UAE newspaper The National reported the developer decided to make the move to give end users of the homes a better deal.
Property investment brokers welcomed the move, and some people looking to buy homes in the UAE will be now hoping the trend passes on to other developments.
Quoted by The National, Hani Shammah, the chief executive of Bloom, said: “This is not taboo for us. We have revisited the prices in line with the construction costs. We are passing on the declining construction costs to the end-user.”
Experts at property investment brokerage sherwoods agreed with the idea, saying it was “a good move” which could keep up existing investor interest in new homes.
Bloom Gardens is on the renowned Eastern Mangrove Corniche Road in the emirate, a hub of property investment activity, and features Spanish an Italian style villa homes.
Units are still being sold in the development off plan, with Bloom also behind the mixed-use Abu Dhabi Marina project.
Bloom is also expected to expand its interest in the European investment property market this year, and is thought to be planning new homes projects in Romania.
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