The Palazzo Versace hotel in Dubai has cut the price of its apartments by half, but there has been no skimping on the fittings.
A high number of defaults has meant several properties in the Dh2 billion (US$544.4 million) development coming back on to the market at a discount, but all the 169 private homes and 213 hotel rooms will still come with furniture and accessories, right down to the $120 drinking glasses, designed by Versace, the Italian designer.
Eighty per cent of the residences were sold before the financial downturn, with buyers from the UK, Russia and around the region among those who jumped at the offer. But many did not follow through with payments, said Soheil Abedian, the managing director of Emirates Sunland Group, the company behind the project.
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