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Abu Dhabi outpaces Dubai in housing costs
- United Arab Emirates: Tuesday, July 15 - 2008 at 07:37
Housing and rental prices in Abu Dhabi have overtaken prices in Dubai for the first time, according to a report by HSBC. The average rent in Abu Dhabi was $272 per square metre in the last quarter 2007 and $430 per square metre in the second quarter 2008, up 58%. Meanwhile, Dubai's average rent was $343 per square metre in the last quarter 2007 and $420 per square metre in the second quarter of 2008, representing only a 22% growth. Similarly, Abu Dhabi's house prices grew 61% between the last quarter 2007 and the second quarter 2008, while Dubai saw a 37% growth in the same period, reported Gulf News.
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Jeff Florian, Senior ReporterTuesday, July 15 - 2008 at 07:37 UAE local time (GMT+4)
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