By Sam Bridge
Average Abu Dhabi property values have fallen by 11 percent during 2019, according to ValuStrat
Average Abu Dhabi property values have fallen by 11 percent during 2019, according to new figures released by consultancy ValuStrat.
Its quarterly index which tracks prices and rents in the UAE capital said values in the fourth quarter of 2019 fell by 2.6 percent compared to the previous quarter.
It also showd that prices were down by 11 percent compared to Q4 2018 and by nearly 31 percent compared to Q1 2016, the base figure of the index
ValuStrat said the weighted average residential value in Q4 was AED9,246 per sq m with apartments at AED10,236 per sq m and villas at AED6,910 per sq m.
It added that the residential rental index declined 2.8 percent quarterly and 9 percent annually.
The consultancy also forecast a more positive market sentiment this year due to direct and indirect drivers impacting tourism, business and the overall economy such as Expo 2020.
It predicted that capital values and rents in the UAE capital would soften at a slower rate and possibly stabilise by the end of the year due to limited number of new projects handing over.
Increasingly affordable rents, particularly for townhouses and small villas, are expected, its report added.