Residential property prices in Abu Dhabi are more than 13 percent lower than a year ago, according to new research from consultants ValuStrat.
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Its Q2 2019 Abu Dhabi real estate market report also highlighted a 3.3 percent fall in prices compared to the previous quarter.
Residential rents in the UAE capital also softened by another 2 percent over the last three months and by 7.9 percent on an annual basis, the report noted.
It added that the weighted average residential value in Q2 was AED9,795 per sq m.
All ten locations monitored by ValuStrat witnessed single-digit quarterly declines in capital values of less than 5 percent, with the highest quarterly price falls ranging seen in Hydra Village and Al Reef.
The report added that on an annual basis, two locations were slightly less affected by the negative trend – apartments on Saadiyat Island and villas located in Mohamed Bin Zayed City saw prices drop by 10.2 percent and 6.9 percent, respectively.
“Abu Dhabi city is increasingly becoming more affordable, and with the recently announced freehold law, investing in Abu Dhabi real estate has become more attractive. This is at a time when prices and rents can be further negotiated. Investors can also expect relatively high yields and tenants have the upper hand to upscale their rental property,” said Haider Tuaima, head of real estate research at ValuStrat.
As far as residential supply was concerned, expected deliveries for this year has been adjusted upwards by ValuStrat to 8,872 units.
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