Last year, it was Al Reem. This year, it’s Khalifa City.
We’ve just released our first quarter 2014 real estate report, covering the latest trends in residential and office markets in Abu Dhabi. Based on 300,000 for-sale properties and rentals listed on the website, the report compiles statistics and trends of the most-searched communities such as Khalifa City, Al Reem and Al Reef by over 2 million visitors to the site.
Tracking searches on propertyfinder.ae between January and March 2014, the report gives readers the inside scoop on homes, offices, prices and upcoming developments in the capital. With news of the emirate awarding USD 346 billion to various sectors, 2014 is expected to continue to witness the 10-17 percent overall growth seen in 2013.
Whilst rankings of communities such as Al Reem Island and Al Reef that have made the top ten list of most searched areas by buyers have not changed quarter-on-quarter, lifestyle projects in Al Reem and Saadiyat Island entering the market for the first time this year are likely to impact property prices.
Sharp rent rises across the border in Dubai and relocation of residents to Abu Dhabi due to the ‘live-local’ law have narrowed the rental gap between the two emirates, even as rents continue to rise in the capital. Taking top spot, Khalifa City’s reputation as a highly sought-after neighbourhood is growing as the area sees a 50 percent quarter-on-quarter rise in renter interest. Evidence for surging rents can be seen from the AED 40,000-60,000 price band falling to 8th place from 4th spot in Q1 2013. Also, the AED 180,000-200,000 band has moved up 2 places from 7th spot in Q1 2013.
Real estate growth also coincides with the development of huge infrastructure projects such as Etihad Rail and the Midfield Terminal. Commenting on the findings, Renan Bourdeau, our Deputy CEO said, “The shift to market fundamentals and regulation is stronger than at any other period in the UAE’s real estate industry. Whilst the removal of the rental cap has escalated rents, a rent index using market data to set fair rents for each of Abu Dhabi’s 10-12 residential zones is expected to be out soon.”
For more stats and trends, read the complete report. Click here to download your copy.
