Property sales prices in Abu Dhabi have taken a positive turn with the prices either holding steady or slightly increasing during the third quarter of 2019.
Bayut’s latest market report shows that the Abu Dhabi real estate market offers healthy conditions for home buyers and investors after the opening of key investments zones for freehold expat property ownership.
During Q3, neighbourhoods like Al Reem Island, Al Raha Beach, Al Reef and Saadiyat Island dominated the investment sector while established suburbs such as Mohammed Bin Zayed City (MBZ City), Khalifa City A, and Al Muroor remained a popular choice for rentals in Abu Dhabi, the report said.
In terms of popularity, Bayut’s report showed that Al Reem Island takes the crown as the most preferred area to buy and rent apartments in Abu Dhabi. For villas in Abu Dhabi, Al Reef continues to be the most popular with buyers/investors and MBZ City is the favoured choice for tenants, it added.
Bayut said that when comparing prices of properties for sale from Q2 to Q3, the overall trend shows signs of stability.
Investment zones such as Al Raha Beach, Masdar City, Saadiyat Island and Al Reef have been steady or shown a slight increase in average price per square foot.
Properties in Al Ghadeer, one of the new affordably priced neighbourhoods in the capital, also experienced an increase in average price per square foot by 5.5 percent, indicating that demand for neighbourhoods close to Dubai is continuing to increase, especially among professionals who need to commute between the two cities.
A similar trend can be seen for villa sales in Abu Dhabi, as Al Reef and Saadiyat Island still held the interest of potential investors and the average price per square foot in these areas remained steady with decreases not exceeding 2 percent.
Bayut’s report also showed that the rental trend for apartments in the popular areas of Abu Dhabi showed a moderate decline in cost between 2-5 percent while most villa rents increased by between 1-4 percent.
Haider Ali Khan, CEO of Bayut, said: “Abu Dhabi has always been an attractive market for both local home buyers and those from the expat community. While Emirati and GCC investors dominated the market earlier, expat buyers and investors are also taking advantage of the attractive options in the capital, with the recent announcements of the new laws.”
Originally published on Arabian News on 25.10.19