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18 April 2024

Al Reem most sought after area in Abu Dhabi

Residential towers on Reem Island in Abu Dhabi. Photo by Erik Arazas

By Staff

Al Reem Island continues to be the favoured location for property buyers in Abu Dhabi, according to propertyfinder.ae.

Clocking up to close to 30 per cent of the searches conducted on the website in the fourth quarter – in comparison with the 22 per cent figure in the first quarter - and securing top spot for the second consecutive quarter in 2013, Al Reem Island continues to be a hotbed for buyers.

While prices of studios in the neighbourhood remained stable, those of one, two and three bedroom apartments increased by 14 per cent, 15 per cent and 6.6 per cent, respectively.

Second in the most searched communities list last quarter, Al Reef showed a more dramatic increase in property values with studios presenting a price rise of 38 per cent followed by one, two and three bedroom residences at 36 per cent, 34 per cent and 28 per cent, respectively.

Al Raha Beach, on the other hand, grabbed third spot and showed bigger variations in price rises with those of studios standing at 31 per cent, one bedroom units at 15 per cent and two and three bedroom properties at 16 per cent and 20 per cent, respectively.

The report also indicated a surge in interest in the ultra-luxury market segment as Nurai Island, a private island villa development near Saadiyat Island, which failed to secure a place in the top 10 communities list in the third quarter jumped to 10th place in the fourth quarter 2013.

Sale prices of five- and six-bedroom waterfront villas in the community also recorded robust increases at 24 per cent and 22 per cent, respectively.

“Abu Dhabi’s real estate market surely showed signs of stabilisation and growth last year. The Expo 2020 site, which is being developed in Jebel Ali, equidistant between the centres of Abu Dhabi and Dubai, is likely to benefit the Abu Dhabi market as well.

“Moreover, the advantages that Dubai’s economy will enjoy as a result of the Expo win will spill over to Abu Dhabi’s hospitality and short-stay property sectors, the latter of which is great news for investors,” said Renan M Bourdeau, Deputy CEO of propertyfinder.ae.

“Governments are introducing initiatives to better regulate market fluctuations and with increased choice of quality stock, investor interest up and major infrastructure projects underway, the outlook for Abu Dhabi’s realty sector seems geared for positive change,” Bourdeau added.