residential

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UAE: Abu Dhabi residential rents down on weak demand

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The Abu Dhabi property market showed signs of fragmentation in the third quarter as average residential rental prices saw a slight quarterly decline with demand levels having weakened, said a report.

The average residential market rentals saw a marginal decline of around one per cent quarter on quarter, whilst maintaining around two to three per cent growth over the past quarters, stated global real estate consultancy firm CBRE in its Q3 2015 Abu Dhabi MarketView.

The emirate's residential market, however, enjoyed an annual growth rate of close to eight per cent during the period, it added.  

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UAE: Dubai residential prices on the decline in Q3

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The residential prices across Dubai, UAE, continued to decline in the third quarter with a sharp drop in apartment lease and sales rates compared to the previous quarter, said a report.

Additionally, the quantity of announced residential projects in Dubai reached a saturation point in the third quarter, stated property expert Phidar Advisory in its residential research note.

“However, there is no reason to panic because some announced and even launched projects are not viable, so handover is not expected in the stated timeframe,” remarked Jesse Downs, the managing director of Phidar Advisory.