Apparently Palm Jumeirah has cut its price by 40 percent from their August 2008 peak. But according to Real Estate expert, units on the Nakheel development are still overpriced. Compared to London, Paris and New York, prices on Palm are still high. In comparison to last year, prices for incomplete units were down by 50 percent and that rents were down by a quarter - favourable to other freehold areas in Dubai. However based on the number of units due to complete over the next two years it is unlikely that prices will increase. Despite the difficulties faced over the last 18 months the UAE remains a commercial nerve centre of the Middle East. After a period of consolidation of between three and five years prices are expected to rise again. Established areas such as the Springs, Meadows, Jumeirah Islands and the Palm had performed well historically and would continue to see a high turnover of transactions. Dubai World announcement is expected to bring a positive period for the UAE.
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