Stabilization in Abu Dhabi house price
Monday saw Landmark Advisory confirming that while a fall by up to 15 percent was seen in Abu Dhabi apartments since May, prices for villas plunged by as much as 5 percent. However, there are indications that stability is taking root as price fall eases.
A strengthening in construction sector activity is notable in the United Arab Emirates, while the declines are reducing along with improving sentiment in the global real estate sector.
It won't be wrong to say that the global downturn has been better dealt by Abu Dhabi, home to most of the country's oil, as compared to most of its neighbor countries.
Jesse Downs, the firm's director of research and advisory services, while referring to apartment prices, said: "We found that the lower limits of price ranges have remained quite stable, extending the recent trend of price stabilization."
She further continued that stabilization has also been seen in villa prices, which fell up to 45 percent since the third quarter of last year.
The report also specified that during June and July, sales activity in both Abu Dhabi and Dubai climbed, making them the "most active" months since the third and fourth quarters of last year.
Downs said: "Dubai sale prices are relatively stable ... but if rents keep falling for an extended period, then sale prices could be dragged down as well."
The second quarter saw Dubai house prices dropping by 24 percent, from the prior quarter; and with the rise in construction activity in the UAE, it might be possible that the downturn in the sector might well be over.
New Zealand News
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