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House prices jump 53%

House prices in Abu Dhabi jumped by 53% over the past year, compared to an 18% increase in the previous 12 months, property consultants Colliers International said in a report.

According to the firm’s Abu Dhabi Real Estate Overview, rents for new leases would continue to increase over the next three years with the number of new properties on the market predicted to fall far short of the 100,000 needed by 2010.
Up to 140,000 new units could be delivered by 2013, it said, although construction delays and increased foreign ownership would prevent the market from becoming oversupplied.

The capital currently has 180,000 residential units on the market, with an occupancy rate of 98%, Colliers said. Shortages would also force up rents in the commercial sector, which has an average occupancy rate of 99%, it said.

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