By Andy Sambidge
New research by Propertyfinder.ae says a studio apartment in UAE capital costs average of $187,000 in Q2
The average price of a studio apartment in Abu Dhabi stands at AED689,000 ($187,580), according to new research by the UAE's property search website, Propertyfinder.ae.
The website also revealed that an average one-bedroom apartment in the UAE's capital city costs AED1.3 million and a two-bedroom apartment carries an average price tag of AED2 million.
Its research also showed that the most searched communities in Abu Dhabi among prospective buyers is Al Reem Island, followed by Al Reef and Al Raha Beach.
"We've released this data based on for-sale homes and rentals listed on our site. Al Ghadeer enters the top 10 this quarter; its appeal seems to be rising as it did not make the list in Q2 2013 and 2012," said Michael Lahyani, CEO and founder of Propertyfinder.ae.
For those looking to buy property in Al Reem Island, the average price of an apartment is AED1.9 million with the price per sq ft standing at AED1,483, the company said in a statement.
According to propertyfinder.ae's new report, Al Reem Island was also the most searched community on the site for renting property in the second quarter of 2014.
"Al Reem Island steals the spotlight from Khalifa City this quarter to become Abu Dhabi's most searched rental community. Mohammed Bin Zayed City's appeal seems to be rising. From not making the top 10 in Q2 2013 and Q2 2012, the community is now at 6th place," added Lahyani.
Propertyfinder.ae said Abu Dhabi renters can expect to pay, on an average, AED65,000 for a studio, AED92,000 for a one bedroom pad and AED139,000 for a two bedroom apartment.
On Al Reem Island, this rises to an average of AED122,000 for an apartment and AED275,000 for a villa.
Khalifa City, which placed second in the list of Abu Dhabi's most searched rental communities on propertyfinder.ae, offers apartments for an average of AED102,000 and villas for AED243,000.
Earlier this week, Propertyfinder.ae said the average price of a studio apartment in Dubai stands at AED959,000 ($261,094).
The website also revealed that an average one-bedroom apartment in the city costs AED1.7 million and a two-bedroom apartment carries an average price tag of AED3 million.