Average Abu Dhabi property prices in the second quarter of 2018 have slipped by more than 7 percent annually, according to a new report.
The second quarter 2018 Abu Dhabi real estate review issued by consulting firm ValuStrat reported that Abu Dhabi's residential capital values were 7.1 percent lower than last year and 1.9 percent than the previous quarter.
Residential rents were also lower, down 12 percent over last 12 months, the report said.
The weighted average residential value during Q2 was AED11,399 per sq m, it noted, adding that Abu Dhabi’s gross yields averaged 6.76 percent.
The report said that all 10 locations monitored by ValuStrat witnessed quarterly declines in capital values.
“Abu Dhabi’s residential capital values continue to soften, declining 3.7 percent during the first half of 2018. Potential buyers seem to have taken notice as many real estate agents in different parts of the city have reported a noticeable increase in enquiries,” said Haider Tuaima, head of real estate research at ValuStrat.
ValuStrat said the estimated number of deliveries this year has been adjusted downwards to 4,514 units, of which 33 percent are thought to have come to market during the first half of 2018.
The report said overall median residential asking rents fell 12 percent when compared to the same period last year. On a quarterly basis, citywide rents declined by 3.8 percent.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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