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Abu Dhabi property prices to rise before Dubai
- United Arab Emirates: Thursday, September 03 - 2009 at 14:27
According to a report by JPMorgan Chase, real estate prices in Abu Dhabi will recover before those in Dubai because of a shortage in housing and office space. The report said that while large scale Dubai projects hang in the balance, Abu Dhabi's real estate, infrastructure and commercial project pipeline remains nearly intact. Residential prices in Abu Dhabi will stabilise in the "near to medium" term and rents for commercial space have stabilised over the last two months. Dubai residential prices are projected to stabilise in 2010 following a forecast 54% decline in prices this year. The housing shortfall in Abu Dhabi will probably shrink to 28,000 units by the end of 2009, from 32,400 last year, because of a "sharp increase in Abu Dhabi's population over the last couple of years and limited supply," according to the report. (Mac Capital Advisors)
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StaffThursday, September 03 - 2009 at 14:27 UAE local time (GMT+4)
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