Those who are buying property in Dubai will be able to benefit from the cost savings that developers are accruing by renegotiating construction contracts.
Emirates Business reports that UAE property firms have been able to reduce service costs by as much as 30 per cent and many are now passing these savings on to customers looking for property for sale in Dubai.
Markus Giebel, chief executive officer of Deyaar Development, commented: "The savings are indeed being passed on to investors. Reducing prices on certain units is one approach."
He added that these reduced costs will help a greater number of people secure mortgages on Dubai property for sale and stabilise their cashflows.
Abid Junaid, executive director at ETA Star Properties, added that re-tenders are most likely to occur on projects that have recently been approved.
In a separate announcement, Dubai Municipality has this week confirmed that it will be scrapping current insurance requirements for developers looking to obtain approval for new Dubai property projects.