'Distress' sales are pushing land prices down in Dubai property market, says Pantheon owner | Property – Gulf News
Dubai’s land values have dropped sharply this year – but that’s still not helping developers to launch new projects.
“We are seeing distress sales of land that were owned by investors who had plans to launch projects,” said Kalpesh Kinariwala, Chairman of Pantheon Group. “But in today’s market conditions, there is little appetite among most developers for new offplan launches.
“That’s why these investor-developers are selling their land holdings at much reduced prices… and that’s brought on value drops across the board.”
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