Residential property prices in Abu Dhabi have declined by 15 per cent in the first three quarters of 2010 compared to the same period last year, according to Reidin.com.
The conclusion is the based on the residential sale price index for the capital, which will be launched by the year-end.
"We are launching the first residential sale price index based on the valuations and listings for the capital by year-end. We already have the data, but are discussing with a couple of parties from Abu Dhabi on how to disseminate the information... we might get a sponsor or may even go independently," company CEO Ahmet Kayhan told this website.
Although he did not disclose any other findings from the index, he said price decline was witnessed across all the areas of the capital.
The real estate information company has used property agents to collate data for the index since the Abu Dhabi Land Department currently doesn't have the actual registration from freehold areas.
"They haven't registered any... as far as we were told, but they have everything registered for the mainland."
In late September, Asteco said the residential sales market continues to be characterised by low transaction levels with demand remaining subdued over the last quarter, as handover of units on Reem Island has been further delayed.
Kayhan believes property prices in Dubai have reached the bottom, but is uncertain where the floor lies in Abu Dhabi.
"I believe the Dubai market has already found the bottom... the numbers are showing the same thing as well as our forecast analysis. However, where is the bottom for Abu Dhabi is the question? Anyone who got in at the peak lost a lot of money, but who hasn't got in has a great opportunity," he added.
Last week, Reidin.com said sale prices of apartments and villas in Dubai declined by 2.3 per cent in September compared with the previous month. The September sales price index showed a year-on-year decrease of 4.86 per cent against September 2009.