Property prices in Abu Dhabi have not risen in recent months, despite the growing number of projects in the capital nearing completion.
Research by local property consultant Landmark Advisory reveals that sales during December remained stable as buyers continue to look for distressed sales.
This occurred even though major projects such as Marina Square, Al-Reef Villas, Sky Tower and Al-Bandar are due to be completed in the next few months – which typically causes an increase in prices as buyers can purchase a product that is nearly finished, rather than off-plan.
Off-plan property sales in Abu Dhabi dried up during 2009 following the dramatic fall in prices that began in October 2008. According to HSBC, prices fell 23 per cent in early 2008 before they stabilised in May (MEED 31:5:09).