dubizzle Property, in collaboration with JLL, has released the joint Abu Dhabi Property Market Overview report, analysing the capital’s residential and commercial real estate market.
Findings show a further decline in the UAE‘s residential sale and rental prices in Q1 2017 compared to Q1 2016, as well as a decline in commercial and retail property prices, which is expected to continue throughout the year.
The report names Tourist club area, Al Ghadeer, Al Muroor, Khalifa City A and Mohamed bin Zayed City as the five most affordable places to rent in Abu Dhabi.
Abu Dhabi residential and commercial property prices are expected to decline further in 2017, JLL said.
Villas for Sale: Abu Dhabi villa communities experienced a decline of five per cent; with the steepest year-on-year decline in sales prices in Q1 2017 witnessed in Golf Gardens villas and Raha Beach villas dropping 11 and eight per cent, respectively
Apartments for Sale: Similarly, apartment sale prices declined citywide by five per cent, with Al Reef Downtown apartment prices, Al Reef villas and Al Reem Island apartments dropping by four per cent, five per cent and seven per cent, respectively
Villas for Rent: Rental prices for 3BR villas declined by eight per cent to 12 per cent; with villas in Al Zeina, Raha and Al Reef communities currently priced at approximately 225k, 135k and 175K, respectively
Apartments for Rent: Apartments for rent declined by six per cent for 1, 2 and 3 BR types citywide
Commercial Office Space Rent: According to JLL, average Grade A and Grade B office rents have decreased by two per cent and five per cent in Q3 2016 reaching approximately AED1,760 per sqm and AED1,030 per sqm, respectively
Search volumes: Office space and retail rentals in the UAE‘s capital have dropped by 47 per cent and 58 per cent, respectively