Rent and property prices have dropped in Abu Dhabi's most popular areas

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Rent and property prices have dropped in Abu Dhabi's most popular areas
Reem Island

Rent prices and property prices are becoming more competitive in popular areas of the emirate.

The new information has bee released as part of the annual report by UAE property website Bayut.

The report states that Reem Island, Saadiyat Island, Yas Island and Al Reef have been the most popular areas for renting and buying property in the city.

Other affordable areas that have seen growth include Mohammed Bin Zayed City and Khalifa City.

The report also claims that the average rents for properties in Abu Dhabi have declined across the board for apartments and villas in 2019 compared to prices in 2018.

Prices in Al Reef have dropped by 15 percent, Reem Island has seen a drop of 10 percent in prices, Al Raha Gardens by 11 percent and Saadiyat Island and Yas Island have seen price drop by 1.5 percent.

Reem Island has remained on top for apartment sales while Al Reef has maintained top position for villa sales.

“Over the years, we have seen Abu Dhabi’s real estate sector grow as a key contributor to the capital’s economy,” said Haider Ali Khan, CEO of Bayut,
“According to the Abu Dhabi Department of Economic Development, the property market has been an important asset to Abu Dhabi’s GDP and FDI, growing by 4.6 percent over the last five years.

“This has been a direct result of the proactive steps taken by the government to firmly position the emirate as a global investment hub.

“Opening up of the freehold market to foreign investment has exposed the real estate sector in Abu Dhabi to a whole new set of interested investors and buyers.

“We have seen the positive impact of these policies at Bayut, too, with interest holding strong for established freehold areas such as Al Reem Island and Saadiyat Island and for newer developments like Al Maryah Island.”
For further details visit www.bayut.com

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