The fire sale of a total of 14 Palm Jumeirah villas financed by the Kabul Bank, eight immediately through an auction organized by the Dubai Land Department will test the strength of the recovery in Dubai prime villa market that Knight Frank recently ranked second only to Jakarta for price performance in the past six months.
The dumping of property for whatever price it will fetch generally undermines the value of neighboring real estate, unless the market is particularly strong. That does not appear to be the case on the Palm Jumeirah because the villas now for auction were originally placed with estate agents who only managed to sell three of them for AED22.5 million, AED30.8 million and AED10.7 million, according to The National today.
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