Off-plan property sales are ‘dead’ and prices continue to slide, Mohanad Alwadiya, managing director of property adviser Harbor Real Estate has said.

While he said there were signs of stablisation of completed properties in areas such as downtown Dubai and the Palm Jumeirah, Alwadiya said investors lacked confidence in the off-plan market, where prices have slid up to 50 percent since the emirate’s property collapse last September.

“In some areas, mainly in off-plan, prices continue to drop. This is natural,” he told Dubai Eye radio in an interview.

“Confidence levels in off-plan projects is very low. Off-plan sales are almost dead,” he added. 

Off plan property sales 'dead' - real estate MD - Real Estate - ArabianBusiness.com