Property prices in Palm Jumeirah more than London, Paris

UAE-Real-EstateA local real estate expert told that units on the Nakheel development are still expensive.

In spite of the fact that the prices of the property on the Palm Jumeirah had dropped by 40% from their August 2008 peak.

Cluttons Middle East's head of UAE residential valuation Chris Waight told, "Prices on the Palm compared to global hubs such as London, Paris and New York still seem fairly high in my opinion."

Weight indicated that the prices for incomplete units dropped by 50%, and that rents decreased by a quarter - comparing positively to other freehold areas in Dubai.

The executive added that depending on the number of units, which are to complete over the next two years, it is doubtful that prices will increase.

The Cluttons expert told that recognized areas for example the Springs, Meadows, Jumeirah Islands and the Palm had perform well historically and would continue to see a high income of transactions.