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Abu Dhabi property prices, rents continue to slide in Q1

Abu Dhabi property prices, rents continue to slide in Q1

Arabian Business, 07 May 2018

Abu Dhabi’s property market heavily favoured renters and buyers during the first quarter of 2018, with data showing price decreases in all areas, according to real estate website Bayut.com.

Both apartments and villas across the sales and rental sectors became increasingly affordable in Q1, with the biggest decreases seen in rentals in Hydra Village, where 3-bed villa prices fell by 22 percent year-on-year and were being offered for an average price of AED85,000 per annum, it said.

Rental price decreases were seen in all areas of Abu Dhabi for apartments, it noted, adding that the exception was for studio apartments in the Corniche Area, which increased by 7 percent.

For villas, there were increases of 9 percent and 3 percent respectively for 3 and 5-bedroom villas in Mohammed bin Zayed City, and 2.8 percent for 3-beds in Al Mushrif. All other areas saw decreases or remained the same.

After Hydra Village, the largest decreases were in Al Reem Island, where prices fell by 16 percent for a 2-bed apartment.

Al Reef saw the largest decreases in sales asking prices, falling by 20 percent for a studio, followed by Yas Island, where prices fell by 16.3 percent for a 2-bed apartment.

There was, however, a small increase of 0.3 percent in 3-bed villa prices on Yas Island, Bayut said.

It added that in the off-plan market, interest continues to focus on Maryah Plaza – a development under construction on Al Maryah Island – which generated the most leads.

Al Bandar and Shams Abu Dhabi also received high levels of interest, taking the second and third spots for the most popular off-plan developments, Bayut noted.