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There’s the Palm Shaped Island and there’s the Map of the World. And just when we thought planners in Dubai could possibly have run out of new concepts, they’re planning the Universe!
Suddenly buying a tree branch or a country doesn’t look quite the same, when Saturn or Mercury are on offer!
Whilst a couple of decades will probably be required to create the islands (when perhaps real estate throughout the world will have been through a few more cycles), Dubai certainly shows no interest in slowing down their creativity.
Prices for real estate on Dubai’s Palm Jumeirah Island have fallen significantly over the few quarters, with some dropping by as much as 40 percent. For instance, a four bedroom villa on the Palm is now on the market for AED10 million Dirhams, or approximately $2.6 million USD. This is down from AED15 million Dirhams or approximately $4 million USD in September.
The Palm Jumeirah is the largest man-made island in the world and is the first of three such projects being undertaken in the waters off Dubai. The developer of these islands has noted a general slowdown in the rate of property sales on all three islands proving that all that glitters isn’t necessarily gold!