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Property leasing and selling prices remained relatively stable in the first quarter of 2015 in anticipation of the awarding of mega projects in Abu Dhabi and Dubai, according to the latest report from Tasweek Real Estate Development.
The projects are expected to attract more professional human resources into the UAE, leading to a rise in demand for luxury units until the end of the first half of this year, Tasweek said in a statement.
“Market movements were steady and deliberate across the UAE during the first quarter, with most developers adopting a ‘wait and see’ attitude that we expect to carry over in the coming couple of months,” said Masoud Al Awar, chief executive officer of Tasweek Real Estate.
He added that there were positive indicators for growth and new opportunities in the next quarters.
Tasweek also predicted a correction in the price of free hold units in Abu Dhabi following an announcement about the start of unit sales in Al Reem Island Towers.
In its report, the company said the local residential market in Abu Dhabi was stable in the first two months of the year, though landlords kept protecting rental rates by reducing supply.
Source: Staff Report, gulfnews.com