Buyers at a top Dubai property development are to get up to 30 per cent off after the developers announced sweeping price cuts.
Mada’in Properties, a commercial unit and homes builder, has officially announced the cuts and said customers are to get new contracts with a reduction of “approximately 30 per cent”.
The company said changes in the real estate market and a reduction in construction costs allowed it to pass on savings at its homes and business developments.
The firm is behind high-rise business complex The Domain, a scheme in Dubai Silicone Oasis.
It is also building Marina Arcade, a luxury homes project in the heart of the Dubai Marina scheme featuring 64 levels of freehold residential real estate.
The development includes penthouses and ‘Sky Palace’ homes, which feature private gardens and waterfalls.
Abdul Aziz Al Awar, chief executive officer of Mada’in Properties, said: “We always work on a win win strategy for our customers. This will give our customers a base for them to make a capital gain when the market returns.”
Last year the firm revealed plans for further property schemes, including a development in Business Bay in Dubai.
Many real estate firms in the UAE homes market have introduced price cuts and new delivery dates in recent weeks as builders attempt to bolster buyer confidence.
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