Defaults on Versace Residences in Dubai Bring them back On the Market at Scaled Down Prices
The financial downturn has hit the real estate and the hospitality industry and luxury hotels the hardest. Even with the economy stabilizing somewhat these sectors are finding it hard to bounce back. For them, the priority still is to cut losses and consolidate their position to take advantage of opportunities in future. The Palazzo Versace hotel in Dubai has cut the price of its apartments by half. A high number of defaults have meant that several properties in the Dh2 billion (US $544.4 million) development have come back to the market with scaled down prices. This is being pitched as a great opportunity for buyers as there has been no skimping on the fittings, features, furnishings or accessories including the $120 drinking glasses designed by the Italian designer Versace himself. The project was promoted by Emirates Sunland Group before the downturn set in. Buyers from the UK, Russia and around the region showing great interest in the project 80% of th...