Property prices are starting to stabilise in Abu Dhabi as the rate of declines slowed in the third quarter of 2018, according to a new report by Bayut.
The real estate property portal said although prices have decreased on average for apartment rentals in the UAE capital, they have been modest for the most part.
The most significant change was for 1-beds in Khalifa City A where average prices fell by 12.73 percent year-on-year, followed by a 9.38 percent decrease for studios.
One-beds in Mohammed Bin Zayed (MBZ) City also saw a 9 percent fall while the steepest price falls were for 5-bed villa rentals in Al Karamah which fell by 14.29 percent.
However, 15 percent increases for villa rentals were seen for 3-beds in Khalifa City A and 10.7 percent rises for 5-beds in Khalifa City B.
The report said sales price decreases in Abu Dhabi were modest overall, with the largest being 8.62 percent for studio apartments in Al Reem Island. This was followed by 8.24 percent decrease for 1-beds in Saadiyat Island.
Villa sale prices remained more or less stable staying between 0-5 percent, it added.
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, Bayut noted.
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.”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.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.