The Abu Dhabi property market has seen prices fall on average for both apartments and villas with significant changes in prices for a few areas in the emirate in the third quarter from the second quarter, 2018, a report said.
The report is based on prices advertised by real estate agencies on behalf of their clients on Bayut.com, and not representative of actual real estate transactions conducted in Abu Dhabi, it said.
One-bed apartments in Mohammed Bin Zayed (MBZ) City also saw a 9.09 per cent decrease from Dh44,000 to Dh40,000. The only substantial increase has been 9.09 per cent for one-bedroom apartments in Al Muroor, it said.
The steepest price falls were for five-bed villa rentals in Al Karamah where they fell by 14.29 per cent from Dh210,000 to Dh180,000, followed by three-beds in Mohammed Bin Zayed City with a 13.64 per cent decline.
Substantial increases for villa rentals were observed with a 15.4 per cent for three-beds in Khalifa City A where the average prices went up from Dh130,000 to Dh150,000, and 10.71 per cent for 5-beds in Khalifa City B, the report said.
Sales highlights: Decreases were modest overall, with the largest being 8.62 per cent for studio apartments in Al Reem Island where the prices went from Dh635,000 to Dh580,000. This was followed by 8.24 per cent for one-beds in Saadiyat Island.
Villa sale prices remained more or less stable staying between 0-5 per cent, with a significant change seen for 5-bed villas in Saadiyat Island, where the prices fell by 4.35 per cent from Dh9.2 million to Dh8.8 million.
Mohammed Bin Zayed City was the most popular for apartment rentals in Q3 2018 where current prices for studios is Dh25,000, one-beds is Dh40,000, and two-beds are Dh58,000. The only significant decreases were in Al Khalidiya where prices are now Dh60,000 for one-beds and Dh85,000 for two-beds. The other top 10 areas saw a decrease of 1-9 per cent.
Villas in Abu Dhabi saw an increase in rental prices across the board in the top area of Khalifa City A where the prices are now Dh150,000 for three-beds, Dh170,000 for four-beds and Dh175,000 for five-beds. The prices for five-beds in Khalifa City B increased from Dh130,000 to Dh155,000. Prices in other areas, however, remained stable, with the exception of Mohammed Bin Zayed City where prices for three-beds fell to Dh95,000 from Dh110,000.
The prices overall for all the areas remained unchanged with the exception of Al Reem Island and Saadiyat Island where prices for both fell by less than eight per cent. Al Reem Island remained the most popular with prices for studios, one, and two-beds going for Dh580,000, Dh950,000 and Dh1.5 million, respectively, the report said.
Al Reef, which is the most popular area, only saw a decrease of 2.1 per cent for sale prices of four-beds and 4.1 per cent for five-beds where the prices are now Dh2.13 million from Dh2.17 million and Dh2.35 million from 2.45 million, respectively, while prices for three-beds remained stable at Dh1.6 million.
The prices of five-bed units in Saadiyat Island which saw a price decrease of 4.3 per cent are now at Dh8.8 million from Dh9.2 million, while prices of three and four-beds remain stable at Dh5.5 million and Dh6.9 million.
Popular off-plan projects
When it comes to investing in off-plan in Abu Dhabi, the most popular locations are Yas Island, Saadiyat Island, Al Reem Island, Al Raha Beach and Al Samha. Within Yas Island, the Ansam project was the most searched for at 39 per cent and in Saadiyat Island the top spot went to Jawaher Saadiyat which also accounted for 39 per cent of the searches.
Haider Ali Khan, CEO of Bayut, said: “Abu Dhabi has followed suit with the Dubai property market and the price trends in the capital suggest a stabilisation of prices, which is apparent from the less exaggerated changes since the last quarter. It’s refreshing to see sales picking in certain areas of the capital showing investor confidence in the emirate.” – TradeArabia News Service