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While demand for freehold property in Abu Dhabi remained stable in the previous quarter, sales activity could pick up this year as buyers take advantage of price corrections, according to a recent study by real estate firm Nationwide Property Middle East.
Ahmed Mohamed Hilal Al Kabi, board member of Nationwide Property, said there are a number of prospects in the market that could stimulate interest among homebuyers and investors. The emirate’s new real estate regulations, which took effect at the beginning of this year, will also contribute in improving market sentiment, particularly in the second half of the year, said Al Kabi.
According to Nationwide Property’s study, prices of studio apartments on Al Reem Island in the first quarter this year range from Dh680,000-Dh1 million. The price of one-bedders range from Dh1 million-Dh1.3 million, two-bedders from Dh1.3 million-Dh1.7 million, three-bedders from Dh2.85 million-Dh3.2 million, and four-bedders from Dh3.5 mil-lion-Dh3.9 million.
In Al Reef, the price of a studio apartment is around Dh650,000, while it is Dh850,000-Dh900,000 for a one-bedder, Dh1.14 million-Dh1.2 million for a two-bed-der and Dh1.45 million-Dh1.5 million for a three-bedder.
In Al Raha Beach, studios start at Dh1.3 million up to Dh1.4 million, one-bedders from Dh1.2 million-Dh1.8 million, two-bedders from Dh1.7 million-Dh2.3 million and three-bedders from Dh2.6 million-Dh3.5 million.
“Correction of prices in the property market encourages investors to buy properties and seize distinctive investment opportunities,” said Amin Al Qudsi, Head of Executive Office of Nationwide Property. He says the Abu Dhabi real estate market is “witnessing a stage of maturity” and developing an investment culture.
Al Qudsi said the new regulations provide better protection for investors and will help strengthen market confidence. He expects the penalties outlined by the new regulations for various offences to help address abusive behaviour in the industry.
Source: Property Weekly