'New Abu Dhabi' sees property prices stabilising in Q3

Property prices in ‘New Abu Dhabi’ have showed signs of stabilisation in the third quarter of 2014 but city center areas saw some upward trend, according to classified website Dubizzle.

Two-bedroom apartments in Abu Dhabi’s Tourist Club area showed a price increase of six per cent shifting from Dh85,000 to Dh90,000, while three-bedroom apartments in the same area saw no change, maintaining a median price of Dh110,000.

Two-bedroom apartments in Al Reem Island’s Tamouh Square increased from Dh133,000 to Dh134,000 from Q2 to Q3, while one-bedroom apartments in the same district maintained an average of Dh90,000. While one-bedroom apartments on Al Reem Islands - Gate District also maintained an average price of Dh90,000.

Dubizzle said in a press statement that prices of two- and three-bedroom apartments in Al Reem Island – Tamouh Square - have seen an increase of 5 and 3 per cent respectively, now selling for Dh2 million and Dh3.1m.

Two-bedroom apartments on Reem Island’s Tamouh Square showed an increase of five per cent moving from Dh1.9 million to Dh2m, and prices for three-bedroom apartments in the same area also increased from Dh3m to Dh3.1m.

The classifieds website said one-bedroom rental properties in Mohamed Bin Zayed City, Reem Island Tamouh Square and Gate District showed no fluctuation in price during Q3 2014.

Three-bedroom rental properties in Al Muroor area and one-bedroom units in Khalidiya have shown price increase of 23 and 21 per cent, respectively.

Three-bedroom properties for sale in Al Raha Beach, Al Reef and Al Reem Island Tamouh Square have increased by 5.3 and 6 per cent, respectively.

Property website Reidin’s statistics released earlier this week claimed that the Abu Dhabi Residential Property Price Index for all residential decreased by 0.2 points from 84.9 to 84.7, which represents a decrease of 0.22 per cent month-on-month in September 2014. On the other hand, prices increased 15.1 per cent year-on-year.

Apartment sales prices registered a decrease in September 2014. Prices decreased 0.31 per cent month-on-month but increased 12.5 per cent year-on-year.

Villa sales prices registered a decrease in September 2014. Prices decreased 0.13 per cent month-on-month but increased 13.9 per cent year-on-year.

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