Abu dhabi joins dubai in property market decline

Residential property sales in Abu Dhabi fell during the last three months of 2010 and prices are down by up to 12%, according to a new real estate index for the emirate.

The Abu Dhabi Property Index, launched by real estate specialists Cluttons who have had a dedicated Middle East presence since 1976, will benchmark property values in the emirate. It shows that in the fourth quarter of last year freehold villa values in developments such as Al Reef have seen a continuation of falling values of up to 12% from third quarter levels.

It also shows that the private freehold GCC market in areas such as Al Raha Gardens and Golf Gardens have remained relatively robust and the most popular developments in Abu Dhabi for sales are Al Raha beach and Marina Square.

The Index offers comprehensive price data for both villas and apartment sales over the past year. Such information therefore provides one of the most accurate real estate price information tools on the market.

Source: Property Community