UAE Developer lets buyers renegotiate price

Bloom Properties, an Abu Dhabi based property developer, says it will go back to buyers in one of its key projects and allow them to renegotiate the price they paid downwards to reflect falling construction costs.

Property prices in the capital have surged over the last couple of years and buyers paid as as much as Dh3,000 (US$816) per sq ft during the boom, but brokers say more than 80 per cent of buyers were speculators who cannot afford their properties’ full price.

Many had intended to sell the properties before taking possession of them, but as market conditions deteriorated and new buyers stayed away, found themselves burdened with repayments they could not afford.

Developer lets buyers renegotiate price - The National Newspaper