Property in Dubai reduced by 30%

Those investing in property in Dubai can save a significant amount on a home, thanks to recent price cuts.

Mada'in Properties, a developer based in the region, has reduced the price of its property in Dubai by 30 per cent.

Abdul Aziz Al Awar, chief executive officer of the company, says customers will receive the cuts in new contracts.

"We have studied the market conditions and have formulated a strategy that deals with the past, the present and the future," he explains.

Mr Al Awar adds that customers can benefit from savings when the market is buoyant and also during unstable conditions.

Changes in the real estate market and a reduction in construction costs have allowed the developer to pass on savings to those investing in property in Dubai, he concludes.

Developers with property in Dubai could soon be forced to sell their real estate to investors after charges for holding an inventory of homes come into place this year.