{"id":51975,"date":"2017-04-15T22:07:20","date_gmt":"2017-04-15T15:07:20","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=51975"},"modified":"2017-04-15T20:20:42","modified_gmt":"2017-04-15T13:20:42","slug":"abu-dhabi-residential-sale-prices-drop-in-the-first-quarter","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-residential-sale-prices-drop-in-the-first-quarter\/","title":{"rendered":"Abu Dhabi residential sale prices drop in the first quarter"},"content":{"rendered":"


\nAbu Dhabi residential sale prices declined by an average of 5 per cent year-on-year in the first quarter, with expectations of further drops this year because of lower demand and new supply, according to a report from dubizzle and broker JLL.”A decline both in the rental and sale segment is further expected in the capital – fragmented in nature, with some communities and property types to be affected more than others,” said Ann Boothello, dubizzle’s senior product marketing manager of property.The largest fall in villa sale prices came from Golf Garden in Khalifa City A, dropping by 11 per cent to an average price of Dh1,005 per square foot compared to the first quarter of last year. Other areas that slid in pricing were Al Raha Beach, Al Reef and Al Zeina. Saadiyat Beach was the only villa community in the report that remained stable at Dh1,524 per sq ft.However, the biggest plunge in sales came from apartments in the Al Bandar area, down 21 per cent. Saadiyat Beach and Al Reem Island both dropped 7 per cent, with downtown Al Reef declining by 4 per cent.Ms Boothello said that developers needed to keep an eye on market demand, which varies greatly from Abu Dhabi to Dubai. “Abu Dhabi is known for its family-feel,” she said pointing to the most popular search on dubizzle’s platform in both sales and rentals being two-bedroom flats and four to five-bedroom villas last year, as opposed to one-bedrooms in Dubai.As a result, smaller villas were subject to price declines, such as three bedrooms in Al Raha, Al Reef and Al Zeina and two bedrooms in Al Reem.Property prices have been on a downward spiral for the past year as more supply has been brought on despite higher vacancy rates. Abu Dhabi has also been grappling with less money from oil sales, which has led office rental searches on dubizzle to plummet by 47 per cent in the first quarter compared with a year earlier.”While demand has reduced largely due to the decline in oil prices and the resultant impact on government spending and sentiment, reduced supply completions have mitigated the extent of oversupply,” said David Dudley, JLL’s Abu Dhabi head.More than 3,000 residential units were completed last year, inching the property stock to nearly 250,000 units. Developers have since become more cautious by reducing completions.There are about 5,000 units scheduled to be completed this year, but dubizzle and JLL forecast that a significant proportion of this will be delayed at the final stages to help balance the market.Mr Dudley said that the property market is expected to remain depressed through next year, but there are indications that supply completions for 2017-18 will be higher than 2015-16 levels. “As market conditions start to improve in Dubai and government spending returns to Abu Dhabi, the market will head back towards recovery and it will be important for supply completions to remain balanced,” he said.JLL and dubizzle echo reports by property brokers, including Cavendish Maxwell and Cluttons, which have indicated a softening market in the emirate.Cluttons said last weak that weak economic conditions, rising inflation and high costs of living are curbing demand in residential and commercial markets in Abu Dhabi, with the steepest declines in the luxury market. lgraves@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Abu Dhabi residential sale prices drop in the first quarter<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Abu Dhabi residential sale prices declined by an average of 5 per cent year-on-year in...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-51975","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-dwj","jetpack-related-posts":[{"id":37112,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/high-end-villas-lead-fall-in-rents-across-abu-dhabi-says-cluttons\/","url_meta":{"origin":51975,"position":0},"title":"High-end villas lead fall in rents across Abu Dhabi, says Cluttons","date":"December 5, 2016","format":false,"excerpt":"\r Rents have fallen by 9.4 per cent across Abu Dhabi's residential investment areas since the start of the year according to new research. The decline outpaced a fall of about 5.2 per cent in the value of homes over the same period, according to a report from Cluttons. It\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43837,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabis-residential-rents-to-continue-to-decline-in-2017\/","url_meta":{"origin":51975,"position":1},"title":"Abu Dhabi's residential rents to continue to decline in 2017","date":"February 12, 2017","format":false,"excerpt":"\r Housing rents in Abu Dhabi look set to continue plunging for the first half of 2017 amid continuing economic uncertainty, job losses and cost-cutting measures, property brokers forecast. Chestertons Mena says villa rents in Abu Dhabi fell by 10 per cent during 2016 while apartment rents fell by an\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":34618,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-residential-rents-feel-the-pinch\/","url_meta":{"origin":51975,"position":2},"title":"Abu Dhabi residential rents feel the pinch","date":"November 16, 2016","format":false,"excerpt":"\r Office rents in Abu Dhabi have fallen to their lowest point in more than eight years as low global oil prices continue to slow the capital's economy. According to property broker Asteco, average office rents in prime office buildings in the capital slumped by 4 per cent in the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19280,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-dubai-home-prices-and-rents-continue-falling\/","url_meta":{"origin":51975,"position":3},"title":"Abu Dhabi, Dubai home prices and rents continue falling","date":"July 11, 2016","format":false,"excerpt":"\r Villa and apartment prices in Dubai and Abu Dhabi fell between 4 per cent and 6 per cent during the second quarter compared to the same period last year as the economy slows amid softening oil prices, according to the property consultants Cavendish Maxwell. Home prices, however, are expected\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10510,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/demand-drops-for-abu-dhabi-high-end-rentals-as-budgets-fall\/","url_meta":{"origin":51975,"position":4},"title":"Demand drops for Abu Dhabi high-end rentals as budgets fall","date":"April 11, 2016","format":false,"excerpt":"\r \r Abu Dhabi's rental market is showing signs of fragmentation as softer demand for higher-priced areas contrasts with a shortage of more affordable homes.According to Cluttons, cuts to housing allowances offered by companies in the emirate means there is a much smaller pool of potential tenants for high-end properties,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":40059,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-housing-market-close-to-the-bottom-but-abu-dhabi-has-further-to-fall-says-expert\/","url_meta":{"origin":51975,"position":5},"title":"Dubai housing market close to the bottom, but Abu Dhabi has further to fall, says expert","date":"January 9, 2017","format":false,"excerpt":"\r The market for residential property in Dubai is now \"close to its cyclical trough\", but in Abu Dhabi prices and rents may have much further to fall, according to a new report by consultancy JLL.The firm's new \"2016 Year in Review\" report for the UAE property markets argues that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/51975"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=51975"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/51975\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=51975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=51975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=51975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}